FOR YOUNG INVESTORS
For Members of the Teen Scene Your money. Your life. Right now.
Ways to Save and Make Money (Yep, that means Free!). To find a surcharge-free ATM,
Check out this new column for ideas to save go to www.co-opnetwork.org.
money or to make money.
Got questions? Email Kit at email@example.com.
Your questions could be in the next issue, and you will be
entered into a drawing for a $25 iTunes gift card!
Tips for a Secure Financial Future
Learn to Balance
Have you ever forgotten to write
down when you made a deposit
Allowance — The most common way young adults make or withdrawal? It has happened
money is from an allowance. Your parents might pay you to all of us at one point or
for getting good grades, doing various jobs around the another. Forgetting to write down
house, or even for reading a certain number of books. transactions or to “balance” your
Sell Things — Is your closet or basement filled with stuff savings/checking register can
you don’t use anymore? Hold a yard sale, sell items on really mess up your account. Let’s
eBay or via online classifieds such as Craigslist. Research say you forget to write down just
resale shops in your area. Many cater to the youth market one withdrawal from the ATM.
and pay for brand name clothing. Just one forgetful moment could
cause your account to be
charged a NSF (Non-Sufficient
Ask Kit: Answers Funds Fee) of $25.00. Yikes. You probably work hard for
to Your Financial your money and would hate to see it disappear so fast.
Questions Learning to balance is easy. It’s just basic addition and
subtraction. The hard part is getting in the habit and sticking
Q: What’s the difference
to it. Just remember to write down every time you make a
between a savings account
and a checking account? transaction at the ATM, teller line, etc. By keeping track of
your transactions often, you’ll always know how much you
A: Great question! Savings have in your account.
accounts are just that…for saving! The Teen Scene
savings accounts pay dividends (.75%) on the money Need a savings or checking register? Just stop by any
you have in the account. Withdrawals are limited with branch office to pick up one. Happy balancing!
a savings account. A checking account is good for
managing daily purchases, bills, frequent withdrawals
etc. 1st Financial’s free checking account does not pay
Q: Why do I have to sometimes pay a fee at an ATM?
QUiCk TiPS ...For Your Money
A: Great question. Basically you are paying a fee to cover Did you know that once you turn 16, you can apply
costs of operating the machine, and sometimes for a 1st Financial Visa Credit Card? You will need
a co-applicant to obtain the card. The1st Financial
convenience isn’t cheap, especially if the ATM owner
Classic Visa for Teen Scene members is designed as a
(maybe a bank) operates lots of machines nationwide. starter credit card. It has a low limit (usually $500).
The good thing is that 1st Financial belongs to the Your payments are due monthly, and you can make
Co-Op Network, which is the largest credit-union your payment by mail, in person at any 1st Financial
owned ATM network in the nation. If you visit a Co-Op branch, or online in Netbr@nch. For more info, talk to
Network ATM and withdrawal cash, there is no fee. a 1st Financial representative today!
www.1stfinancialfcu.org • 636-916-8300
1st Financial Fact #4
Want to know more about your credit
union? Look for this column in each issue
with variou facts & tidbits about the
credit union. • Savings Account
• Checking Account
Fact #4 Did you know you can access • ATM Card
1st Financial’s website by going to • Visa Check Card (with checking)
• Classic Visa
www.TheBetterWaytoBank.org? Check • Subscription to this cool
out the site for the latest financial info, newsletter, FYI
calculators and online account access. • Good Grade Program
• Horizon Scholarship Fund
St. Charles, MO 63303
1550 Country Club Plaza Dr.
Are you Financially Savvy or c. You cash the check, and invite your friends for
dinner & movie. You like to impress them, so you pay
are you a Financial Disaster? for everything.
Take this Quiz to Find Out:
3. Your mom tells you that she wants you to start paying
1. You are a freshman in high school and are required for your car insurance. You…
to take a financial education course before you a. Agree with her and offer to get a part-time job
graduate. You… babysitting the neighbor kid after school. You realize
a. Jump at the chance to be the first to sign up. how nice it is to earn your own income & you start
You want to know as much as possible about babysitting on the weekends for extra cash.
financial stuff. b. Decide that you don’t want to pay and you stop
b. Decide to put this course off until your Junior or driving and have your friends pick you up.
Senior year. You figure you already know enough c. Charge your friends $2 each time they ride with you.
about finances, and your mom and dad pay You figure you can even make a few bucks after you
for everything. pay mom the car insurance.
c. Sign up for the course, but switch classes with your
twin brother. He is pretty savvy with money, but not Savvy or Disaster……
sports. You decide to attend his gym class and he Mostly A’s — You are ready for the financial challenges
takes the personal finance class for you. that life will bring you. You are self-motivated, responsible
2. You receive a $100 check from your great-aunt on and financially savvy.
your birthday. You… Mostly B’s — You have some financial knowledge, but are
a. Deposit the check in to your savings account. Your just too busy being a teen. You may want to read this
goal is to save $1,000 before you graduate and newsletter more before you graduate from high school to
you’ve already saved $450. gain more financial knowledge.
b. Deposit $20 in your savings account and cash the
rest. The $80 will help purchase holiday gifts for Mostly C’s — You are a financial disaster! Just kidding.
your family. You may encounter some financial snags if you don’t
understand the basic concepts of money.
www.1stfinancialfcu.org • 636-916-8300