Unity One Credit Union

Unity One CU informs: Give a HOOT about savings!

Mon, Apr 03, 2017 @ 02:10 PM / by Alyssa Guillory posted in Unity One Credit Union, youth month, savings accounts

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The first step to teaching your kids about money is talking about money.

“The most effective way to teach is by having frequent discussions and don’t ever lecture,” said Ted Beck, president and chief executive of the National Endowment for Financial Education, in a recent Wall Street Journal article. “Look for teachable moments and always be willing to answer questions.

Unfortunately, this can also be the hardest.

A 2015 T. Rowe Price survey found that 72% of parents experienced at least some reluctance to talk to their kids about financial matters, and 18% were either very or extremely reluctant. The most common reasons given were that the parents didn’t want them to worry about financial matters or thought they were too young to understand.

But on his blog, the personal-finance guru and radio host Dave Ramsey encourages parents to be more open with their kids about money, even their failures. Parents’ biggest regrets are often not saving enough or going into too much debt, wrote Ramsey. Being honest about that in an age-appropriate way, he stated, can be a powerful lesson.

So how to start the talk?

• Ask questions. If you’re going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.

• Make them part of your budgeting. If you’re doing any kind of financial planning for the year, solicit input from your kids. Enlist them in your saving goals—no one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions high level, but involving them makes money less abstract.

•Open a youth savings account at Unity One Credit Union. This is the best way to help them to learn to save for what they find meaningful in life. A lifetime of good savings habits can start now!

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About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals. 

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

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Credit union informs: Youth get wild about saving!

Tue, Apr 07, 2015 @ 11:50 AM / by Alyssa Guillory posted in financial education, youth week, Unity One Credit Union, youth month, savings accounts

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This April, youth can take a walk on the wild side at the credit union. Whether they’ve been to the jungle or not, the call of the wild is enticing to youth of all ages. This year, they can check out the credit union’s financial menagerie without a trip to the banking zoo. 

During the month of April, youth will have the opportunity to go on safari at the credit union as Unity One Credit Union celebrates National Credit Union Youth Month™. This year's theme, “Wild About Saving™,” encourages youth to use resources available at the credit union to help them cut their way through the jungle of financial responsibility. Before long, they’ll be leading their own savings safari. 

So bring your zoologists into Unity One, and get them wild about saving! 

 

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Ask your credit union: When adult children move back home

Thu, Aug 22, 2013 @ 02:28 PM / by Erayne Hill posted in credit union, unity one, savings accounts

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Q: My wife wants to charge our son rent now that he’s finished school and moving back home. I’m not comfortable with that and want him to feel that he’s always welcome no matter how old he is. What do we do?

A: It’s a tough question, and it’s something many parents of young adults struggle with today. If you don’t charge him anything, you risk enabling a lifestyle of doing nothing and feeling no motivation to get a job or to get ahead in life. If you do charge him rent and/or expenses, you risk feelingAdult children back at homes of resentment.

Here’s a possible solution. Charge your son rent, so he knows there are costs involved and doesn’t take you for granted. At the same time, take those payments he makes each month, or part of those payments, and deposit them into a savings account at Unity One Credit Union.

This may seem to defeat the purpose, but you don’t have to tell him what you’re doing. Instead, it’ll be a nice surprise when he does move out, and you hand him the statement on the account that you’ve been building for him. Or, even if you want to let him know about it, explain that it’s important to you that he learn to budget while you’re holding the money (or part of it) for him in an account that you’ll turn over to him once he’s on his own. Opening a credit union checking account is also a productive idea. At Unity One, checking accounts are still FREE, and there is no minimum balance.

Of course, you may just decide to charge your son rent. Many people do. Just be sure it’s an amount he can comfortably pay, and keep the lines of communications open.

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