Save Smart from the Start!

Last year, over half of young Americans ages 18-24 were employed during the summer, according to a report from the Bureau of Labor Statistics and this summer is forecasted to be the same.

This means that, right now, tens of millions of young people are either looking for or starting summer jobs. Although many of these young people are entering the workforce and making money for the first time, it certainly won’t be the last. The money habits they learn now can last a lifetime, so, to start the summer job season off right, we recommend the following four savings tips:

Keep Track of Your Goals

According to Americasaves.org, adolescents who make a plan to save and set savings goals are more thoughtful about the way they spend money and tend to be more focused employees. They’re also more than twice as likely to make excellent progress meeting their savings goals, and are more likely to reduce their debt or even be debt-free, according to this study. A savings plan should include the following:

• What you’re saving for
• How much you will save each month
• How many months you will save for

Learn to Budget

Budgets are important and the best time to learn how to set one and stick to it is when a person doesn’t have a lot of income or monthly bills and expenses; AKA those early years of summer jobs. Budgeting the right way will liberate you to spend intelligently while those savings continue to pile up. For detailed advice and steps to learn how to budget your money, click here!

Use Direct Deposit

Don’t lose out on any of that hard-earned pay by cashing paychecks. It costs money to do so and it’s inconvenient! If you don’t already have one, open a checking account with First Choice Credit Union. It’s free and there is no minimum balance. Your employer can simply deposit paychecks directly into your account and you won’t have to worry about added charges.

Open a Savings Account

After opening a checking account, it’s a good idea to open a savings account as well. Having a separate account for savings helps keep that money out of sight and out of mind, limit the temptation to spend it. Even more important, keeping money in the bank is the best way to ensure its safety. Learn more about opening a savings account with us at First Choice Credit Union here.


The most important takeaway is to be smart with money and set goals. Develop good money management skills with your first job and carry them all through life, it’ll pay off in the long run!

Avoid These 4 Financial Pitfalls While Traveling

Where will you go this winter?

Travel agents say Portugal, New York City, Mexico, and London look to be the most in-demand this season. Whether you’ll be seeing Big Ben from a double-decker bus or relaxing on the beach with a cold drink in hand, it pays – literally – to be smart with your money.

Still, people tend to make some common mistakes in their rush to be on vacation.

1. Traveling Without a Budget

Budgeting can be painful, but the extra work pays off. Start with the big expenses, like your transportation and lodging. Then, do your research – websites and books like Lonely Planet often provide estimates for how much meals might cost in a given location. Budgeting software like Mint can help you track how you’re doing during the trip and gives suggestions on how to save.

2. Not Telling Your Bank or Credit Union

Many banks will quickly shut down your account if a transaction seems suspicious. While that’s typically a good thing, swiping your credit card abroad will likely set off the same red flag, and you could end up locked out of your account on vacation. Letting your bank or credit union know where you’re going ahead of time ensures this doesn’t happen while continuing to help prevent any actual suspicious transactions.

3. Never Learning the Exchange Rate

If you’re in a different country, knowing the exchange rate can help you keep a handle on how much you’re actually spending. These days, smartphone apps can do the math for you— but even travel guru Rick Steves says that’s not necessary.

“You just need to know the rough exchange rates. I see no need to have it figured to the third decimal,” he writes. “...Survival on a budget is easier when you’re comfortable with the local currency.”

Cash exchanges can be expensive. Use as little cash as possible while you travel, and don’t exchange to the local currency at the airport— you’ll end up losing around 15 percent, versus 8 percent anywhere else.

4. Falling Victim to Pickpockets

Everyone has an opinion on where is best to keep your money while traveling. Some say a money belt worn under your clothing is best. The most important thing, according to travel experts, is really to keep your cash and cards in multiple safe spots. That way, if a thief does find some of your money, you won’t be wiped out.


A few smart choices can make a world of a difference this travel season. Know where you’re going? Let us know at First Choice Credit Union, and check your finances as you go with our mobile banking app.

6 Tips for Saving this Holiday Season

Does it feel like you’re spending more than you’re comfortable with this month, between gifts, parties, and holiday activities? You may have missed our Holiday Loans that were available during November, but there are still great ways to save money during the holidays, no matter how many gifts are on your shopping list.

1. Set a Budget

You’ve heard it a thousand times, but there’s a reason for that. Whether you set your total budget for all expenses, or you decide the maximum you want to spend gift-by-gift, it’s smartest to go in with a plan. The key to sticking to a budget? Keep track of your spending throughout the month so you know when you’re overdoing it.

2. Trim the List with Gift Exchanges

If you were to make a list of all of the people you give gifts to, are there people on the outskirts who probably don’t need a box of chocolates or another ornament? If you like to give gifts to all of your extended family, every person in the entire office, or all the 24 nieces and nephews, consider a gift exchange, where each giver pulls the name of another so you only need to buy (and thereby only receive) one gift.

3. Coupons

The Black Friday deals trickled into Cyber Monday, which bled into Cyber Week, which is now becoming an entire month of savings to various degrees. Get on newsletter email lists for all your favorite stores, especially the ones you’re keeping an eye on, and you will get daily sales and promo codes sent to your inbox. Watch carefully, and remember your budget, and you will save on gifts across the board.

4. Homemade Gifts

Taking the time to make your gifts and putting your own personal touch and love into it can mean the world to someone. Create personalized gifts for others based on your favorite creative hobby, whether it’s woodworking, baking, jam-making, knitting, or even writing poetry. Take this tip from livingonthecheap.com: “Wrap your gift in a gift. A homemade loaf of bread wrapped in foil and tied up with a fresh new dishtowel and ribbon is the perfect gift. The wrapping is part of the gift.” Looking for ideas? Create a Pinterest account and find countless brilliant gift ideas that you can “pin” or save for later.

5. Focus on Gratitude and Togetherness

It seems like just yesterday we were going around the Thanksgiving table sharing what we were most thankful for. Did anyone over the age of 5 name something that gets put under the tree? Most people are thankful for family, spending time together, and experiencing new things. Focus on quality time and experiences instead of expensive gifts this year! The memories will stick with you, and your budget will remain intact.

6. Curb Kids’ Expectations

Wanting to create a magical Christmas for your kids can cause your spending—and their expectations to quickly get out of control. When it comes to a wish list for kids, have them choose 5-6 gifts instead of scrolls of 20+ have-to-have-it gifts. Ask them to choose their very top wishes, and remind them (again and again) that Christmas is not about what you receive under the tree.


For budgeting and saving advice, contact First Choice Credit Union and have a Happy Holiday season!