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!

2017 Financial Resolutions For Your Age Group

On New Year’s Eve, the world whispers resolutions to each other. Too many of these good intended resolutions are never achieved because they are not specific, attainable, or timely. First Choice Credit Union is here to help with clear, achievable financial resolutions for the New Year geared towards your age group.

18-25 Years Old

At this point, your financial situation is probably pretty bleak. Whether you went to college or not, you are likely starting at zero (or below that). In 2017, your financial resolution should be to open a checking and savings account with a trustworthy bank. First Choice Credit Union is a great option because we offer more competitive interest rates than the big banks do. Also, start building your credit by opening a credit card, paying on your student loans, or applying for an auto loan. At First Choice Credit Union, we offer 36-72 month car loans with up to 100% financing!

26-35 Years Old

Now is the time to save rigorously, even as you are starting to put down roots. Save money for an emergency fund, for a down payment on a house, or even for retirement. Your financial resolution this year should be to save as much of your income as you can. Dollars saved at this point in your life will stretch a long way. So save 3-6 months of your expenses for a rainy day, accumulate enough to put 20% down on a conventional mortgage loan, and take advantage of your employer's 401k retirement plan.

35-50 Years Old

Your New Year’s resolution for 2017 can be a little more fun. You have put in the time saving money, worked hard to earn your home, car, and other possessions. Your financial resolution is to make one of your dreams a reality. Perhaps you have wanted to travel across Europe, or buy a small vacation home, or purchase a seaworthy boat. Make one of your financial wishes come true this year!

50-75 Years Old

As you begin to enter the senior years of life, financial stresses can become all too real. In 2017, be sure you have your retirement situation planned out, your savings growing at a steady rate, and your living will written and filed. If you have questions, turn to your bank or financial adviser for assistance, we are here to help you!

No matter what your age, we hope First Choice Credit Union has helped you find a resolution for 2017 that will make your life better. Achieve success by making your resolve towards something specific, attainable, and timely. All of us at First Choice Credit Union are wishing you the happiest New Year!