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!

4 Reasons To Open a Youth Checking Account for Your Child

As more and more young people drown themselves in debt and develop an unhealthy relationship with money, it is evident to First Choice Credit Union that something has to be done. We believe good money management skills start young and that is why we created a brand new account option for our members ages 10 to 18.

Our new Youth Checking account offers features like 4 free ATM withdrawals at Publix, a free debit card, reward program, and even free mobile banking and deposits.  There is no minimum balance required and no monthly fees. Need more reasons to open a checking account with your child? Read on.

Practice Makes Perfect

Your child needs practice spending money and learning what happens when they overspend before they enter the real world. Our Youth Checking account gives them a debit card so they can experience how easy it is to swipe plastic, but learn to avoid spending more than their account holds. Your child can learn financial responsibility now while they have a little so they are better equipped when they someday have a lot.

Financial Education

The youth checking account opens the doors to your child's financial education. Before he or she leaves the house, you want them to be able to handle their own money and spend wisely. Having a checking account will teach them to keep a positive checking balance, encourage earning money to put into the account, and empower your child to learn more about finances.

Debit Card

The major perk of opening a Youth Checking account is that your child will receive a debit card for free. They have probably watched you use cards closely. Now it is their turn to have that responsibility. Explaining to your child that using a debit card is just like using cash is a good way to ensure your child understands the card does not have an endless spending limit.

Direct & Mobile Deposit

After a Youth Checking account has been open for 90 days, First Choice offers free mobile deposit to its young members. This gives your child another way to enjoy their phone and makes it easy for them to deposit monetary gifts from Christmas and birthdays. As your teen gets older and starts earning at a job, their employer may be able to directly deposit paychecks into their personal checking account.

Kids ages 10 to 18 would benefit from a Youth Checking Account from First Choice Credit Union. In order to apply, a parent or guardian must be a joint owner on the account and qualify themselves for a regular FCCU checking account. That's it! Come in today and open a Youth Checking account and help your child learn about financial literacy.

How Far Will a Free Checking Account Take You?

Budgeting for the important things in life is essential to enjoying the small things that keep you sane. It’s never fun to worry about spending – especially when those worries prevent you from ever having any fun. Create a budget for yourself to make sure your expenses get paid and remember to set aside a small fund for fun!

Free checking accounts are rare. The money you save from taking advantage of a free checking account can add up to a “fun fund” for yourself. We’ve gathered a list of the top things you can do with the money you’ll save from opening a free checking account with First Choice Federal Credit Union:

1. Save for a New Car

There’s more than just one benefit of getting a car. Not only will you look great driving around a fresh car, but getting a used or new vehicle loan will help build your credit score. You’ll be able to create a payment plan with the money you save with us to find a car you’ll love!

2. Pay Back Debts

If you have a credit balance that is getting too high, pay a larger amount towards your bill this month. It will also help raise your credit and get you one step closer to paying off that debt.

3. Stock Up on Groceries

Going out to dinner can add up quickly. An easy thing you can do with the extra money you’ll have is head to the grocery store. Stock up on meals and you’ll be forced to eat at home and save even more money! Meal planning can be fun to do with friends, too!

4. Invest

The main benefit of investing is the idea of time. The sooner you start investing, the bigger your potential return will be. Young investors have an advantage because compound interest builds greater with time. Remember that with investment comes risk, so always do your research to fully understand your investment before you commit.

5. Enjoy a Night on the Town

No matter how hectic or stressful your day may get, it’s always important to remember to treat yourself. Let’s face it; you work hard! Get some friends together for a night at the movies or dinner and drinks. It isn’t financially smart to make a habit of going out, but treating yourself is a great way to celebrate financial goals. Just don’t go too overboard!


Although it’s important to put money away for the necessities in life, it’s equally important to indulge yourself every once in a while. Everyone deserves to be spoiled here and there! Having a free checking account will put you on the right track to make sure you’re saving for the things you need, but still have enough to spoil yourself!


Contact First Choice Credit Union to get started.

Tax Return or Taxes Due – How to Be Smart at Tax Time

Whether this time of year means a tax bill or a nice tax return in your pocket, it’s a time to be thoughtful about these sums of money. Many people spend their tax return too quickly or fret over where to find the money to pay their taxes. We have tips for both situations.

If You’re Receiving a Return...

1)     Pay Your Tax-related Expenses

Even filing your taxes costs money. Use your tax return to pay your accountant or replace the cost of your tax software. If you’re getting a federal return but owe in state taxes, or vice versa, turn around and pay one with the other.

2)     Add it to Savings

It is recommended to have 2-3 months’ worth of income stashed away in a Savings account. This is highly recommended so that emergency situations—like car repairs, medical bills, or family members in need—can be addressed without affecting your week-to-week cash flow. So if your savings isn’t quite healthy enough, or you need to open a Savings account, use your return to do so. First Choice Credit Union has savings account options to fit your specific needs, so contact us to get started.

3)     Pay off Credit Card Balances

Which of your outstanding balances have the highest interest rate? Interest paid is money out the door which doesn’t pay down the principle balance you owe. Get serious about paying down the debt with the highest rate, and buy yourself some breathing room by putting your tax return toward outstanding balances.

4)     Put it in Retirement or Education Savings Accounts

These are the Savings accounts we often overlook because they’re useful so far in the future. We are creatures of the present, and saving for a moment 10, 15, or 20 years down the road is not exciting, even if it is a huge ticket item. Between college tuition and retirement, the average couple will need well over $1 million. Sound daunting? Speak with one of our representatives about our Education or Retirement Savings options to make a plan for your future.

If You Owe Taxes...

If you’re one of the 20% of taxpayers who won’t get a refund, but an “amount due,” don’t panic. Depending on the amount you owe and your available monies, you’ll find a way. But by all means, do not put it off or ignore it for a few months. IRS charges failure-to-file and failure-to-pay penalties if you are beyond the deadline, and these accrue month over month. So how do you approach this new bill in a smart way?

1)     Save From Now until April 15th

If you’ve discovered your tax bill in February, you still have two months to save up that amount before the April due date. Whether you stay in, eat in, skip Valentine’s gifts, or put off paying for something else, see if you can use this time to prepare for your tax payment.

2)     Pull from Emergency Funds

Remember #2 above? This is one of those situations that could pull from a robust savings fund without affecting your day-to-day. Here’s to savings!

3)     Enter into an Installment Agreement with the IRS

If you owe less than $50,000 and haven’t set up an installment agreement in 5 years, you could fill out a monthly payment request online. You can request a specific monthly payment, which is preferable to putting your tax payment on a credit card with a high interest rate.

4)     Ask for Extended Time

If extraordinary circumstances keep you from being able to pay your taxes on time, you may be able to prove you need an extension. Using the same payment agreement application, you may be able to buy yourself some time.

First Choice Credit Union can help you with any financial services, whether you’re celebrating a refund or glaring at a tax bill. Good Luck this tax season!

How to Hatch Your Own Financial Nest Egg

Many people know the importance of having a nest egg available. Accidents happen, home improvements pop up, and each December, people spends hundreds (if not thousands) on holiday gifts. For Florida residents and anyone who lives along the coast, we also know how important it is to prepare for the inevitable tropical storm to blow in.

The problem comes when we try to begin saving for a nest egg. Spending wisely and staying on budget are, actually, very difficult things to do. Even if the $5 you spend each day on your morning cup of coffee adds up over time, it seems to take far too long to make a lasting impression. You’re left waiting and–worse yet–without coffee.

So how do you do it? How can you realistically save up a nest egg without drastically altering your lifestyle? Check out some of our ideas below:

Conduct a Spending Appraisal

Track your spending closely. For at least a month (the longer, the better) track everything you spend–everything. A spare few dollars doesn’t seem like much at one time, but they add up. The best way to see this is to keep track of it all. Knowing how much they add up and where they are being spent is a crucial starting point in observing your spending. Find extra help on our website with our financial calculators.

Open a Saving Account

And contribute to it regularly. If you are able, set up an automatic withdrawal on your payday. Think of it as paying a bill to yourself. After a few months, you won’t even notice the difference in your paycheck. It might seem silly, but you’d be surprised at how much you can save by stockpiling spare change and loose dollar bills at home, then depositing them into the bank each month.

Comparison Shop

This is one of those tips that seem simple enough, but it is easy to fall into a comfortable pattern of spending more out of convenience. Shop around for the best deals. Try something new, like visiting a new grocery store or researching different insurance options. Complacency and comfort tend to cost people a lot of money without them realizing it.

Work to Reduce High-Interest Debt

If you have a loan or a credit card with an interest rate in the teens, it can be hard to get ahead of the minimum monthly payment. If you have multiple loans or debts, focus your payments on the one with the highest interest, even if it has more of a principal balance than your other bills. It might take you longer to become debt-free, but you will save more money in the process.

Skip Your Yearly Vacation

This one is tough for some people. We work hard, so naturally, we want to play hard. If you are really dedicated to saving, however, skipping a yearly vacation can save you lots of cash. Try instead to have a staycation at home, or choose somewhere less pricey to vacation, such as a local park or campground.

Find a Cheaper Apartment

Another option that may not seem appealing to many people is to move into a less expensive apartment or house. This will save you money right away, but it is a lifestyle change and will require a commitment. Just remember that the commitment is temporary. Think of the money you are saving and search Pinterest for fun ways to decorate a small space.

Starting a nest egg fund can be difficult, but once you make a couple changes for the better, the savings will pile up fast. Commit to making a real change and stick to your plan. You’ll reach your goals before you know it.

If you’re looking for some added financial advice, contact our staff at First Choice Credit Union.

How You Can Save Money as a College Student

Headed off to college soon?

With all the excitement and happiness that goes with pursuing an education, it can be hard to grapple with the reality of financially supporting yourself as an adult. How can you balance earning a degree without going broke? Read our tips below to get you started on the path to financial independence.

Work in school. Whether by having a part-time job or work-study, working throughout college will provide a few things. First, you will earn extra money for rent and books. Secondly, working can help you gain experience and develop essential professional skills that will look great on future resumes. Third, it will help you develop a strong work ethic that will take you far in your professional career.

Learn how to be financially smart and independent. Working hard will earn you lots of money but if you don’t have the right financial habits, you won’t be able to hold onto that hard-earned money. To start with, track your current saving and spending habits. Are you being smart with your money habits or are you scrambling to pay rent every month? Learn to save, budget and invest. Find resources from your school, credit union, family and online to develop and maintain financial habits.

Stick to a budget. As a result of learning to be financially savvy and self-sufficient, learning to budget will be your greatest asset. At the beginning of each month, budget all your bills and necessities — rent, schoolbooks, gas and more — to prevent overspending on your credit card and blowing your savings. Budget in a little wiggle room in order to treat yourself without feeling too guilty.

Get used, not new. From clothes to books to dorm room furniture, there are plenty of resources for you to find quality, used items at a steep discount. Check online, at secondhand stores and college social media pages. There’s always someone looking to get rid of a mini-fridge or to sell a textbook from Bio 101. Buying used will save you hundreds on school and lifestyle expenses so get thrifty.

Be responsible. Got a credit card? Use it as little as you can, and pay it on time, every time. Track your accounts and spending habits to avoid overdrafts. Consider if you really need cable television, a gym membership and multiple fast food trips in a week. Being responsible now can save you tons of money, protect your credit score and set you up for life after college.

With all the educational and lifestyle expenses that come with college, it can be overwhelming to balance earning a degree and supporting yourself financially. Follow these tips, and speak to our experts at First Choice Credit Union for information on student and car loans, as well as checking and savings accounts for students.

Summer Money-Making Ideas for Kids

Summer is just about here which means school age kids will have much more free time on their hands. Help your child make the most of their summer - and maybe earn a few bucks - while keeping them busy. Here are a few ideas to help your kids earn a few bucks this summer.

1) Open a Lemonade Stand

The all-time classic summer staple is a curbside lemonade stand. You can’t really go wrong with a nice glass of cold lemonade on a hot day. Lemonade is pretty inexpensive, and most likely, your child won’t make much money, but this is the perfect starter job for younger children.

2) Neighborhood Yard Work

if you have an older child and then know how to use a lawn mower, doing yard work is another great way to earn some extra cash. No one really likes to mow their own laws, so your neighbors are likely to want to hire someone else to mow and weed. If you have elderly couples or neighbors, helping them out with their yard work will also teach them the value of helping others.

3) Promote Entrepreneurship

Brainstorm some ideas with your child to start their own business. For example, if your kid is crafty, encourage them to sell their crafts. Have them make jewelry or paintings and sell them at sports games or other activities during the summer, or set up an Etsy account for them. They’ll be doing fun crafts and staying busy throughout the summer while making a little money.

It is important to teach kids the value of money and instill a good work ethic at a young age. It is even more important to teach them how to save the money they make. First Choice Credit Union can help get them started with our Starfish Savers Club. Every deposit in a Starfish Savers Club account earns a Starfish stamp, which can be used to earn prizes. More deposits earn more stamps and prizes to choose from.

You teach your children so much; let us help teach them about how to use money wisely. Give us a call at 561-641-0100, or stop on in to get your child started toward financial well-being.

Get a Head Start on Teaching Your Kids to Save

As a parent, you teach your child many things; how to behave in public, how to talk to others and the importance of being polite. You pass down certain personal traits to your kids as well - maybe a love for sports or a love for animals. As a parent, your number one goal is to teach your child to become a functional adult. One important aspect that can get overlooked is teaching kids the importance of saving money. If you haven’t started yet, fear not. As April is National Youth Saving Month, we thought we would share some tips on teaching your kids to save.

Understand the Value

The sooner a child can understand the value of money the quicker they’ll understand why they should save it. One way to teach this is to have them save up for a new game or toy they have had their eye on. They’ll learn to work toward their goals, how to use money, and that it takes time to get what you want.

Create a Game

Another way to teach kids to save (which is especially helpful with younger kids) is to make it into a game. Create a reward system for every time you child puts a certain amount into savings. For example, if your child gets a weekly allowance of $10, have different rewards if they decided to save $2, $4 or $6. These rewards can be simple such as your child gets to pick out dinner, or gets to choose the next family outing.

Check out our Starfish Savings Program

At First Choice Credit Union, we offer a program specifically designed to help teach kids the value of saving money. The Starfish Savers Club was created for kids 12 years and younger to learn how to save while rewarding good saving habits. Each Starfish Saver gets a coin bank to make their deposits, and with every deposit the child makes, they get a gift from our treasure chest.

Image by digital internet via Flickr

Teaching your kids the value of saving is very important. Many parents wait too long before teaching their kids to save their money. Start teaching your kids while they are young so that they develop good savings habits now and even better habits in future!

Spring Cleaning for Your Finacnes

Spring has finally sprung, and with spring comes cleaning - time to bring out the cleaning supplies. Your house isn’t the only thing that needs organizing, your finances could probably use a little cleaning as well. Here are a few tips on how to dust off the old checkbook:

Budget Evaluation

Start by looking over your budget. Being aware and in control of your budget is the most important part of being financially fit. Decide if there are areas of your budget that you can trim down or areas that may need more funding. With the changing seasons, your savings goals are bound to change. In the spring, people are more prone to think about home improvement expenses, vehicle upgrades, summer vacations, etc. Your budget should reflect these changes.

Consolidate Accounts and Transactions

Do you have multiple accounts with different banks or credit unions? Consolidate these accounts so they are easier to keep track of and manage. While you are at it, go over your transactions to ensure that you initiated all of them. Not only is this a good habit to protect your finances, it also can reveal areas in which you need to cut back. You might find that you spend too much each month on certain items, like expensive coffee, dining out, new clothing, or other vices.

Less Paper, Less Mess

Check to see if your accounts give the option to go paperless. By switching to e-statements, you will not only be cutting down on the amount of paperwork in your home but e-statements are more eco-friendly. You also won’t need to worry about your personal account information being sent through the mail.

These are just a few ways to clean up your finances and give you a nice spring into the new season! If for any reason you need some help starting the  cleanup process for your accounts, come on in and talk to one of First Choice Credit Union’s associates or give us a call at (561) 641-0100 and we would be happy to help you out. Happy cleaning!

Budgeting for Spring Break

As the old saying goes, spring is just around the corner, and that also means Spring Break! Every college student dreams of going on some elaborate trip with their friends and having the time of their lives. Unfortunately, many students wake up from that dream and remember that they are college students who can’t quite afford an elaborate trip. Maybe you’re not planning on heading out of the country this March, but here are a few tips to help you save for your trip:

Set Your Budget

To a college student, the word “budget” brings visions of ramen noodles and bus passes, but if you are going to save for your trip, you need to set a budget. Start by getting a rough figure of how much your trip will cost. Then, you can begin to build a savings plan. There are many apps that you can download to help you track your savings. (First Choice Credit Union, for example,  offers online banking and apps for Android and iPhone users.) Mobile banking is a great way to  keep track of your spending and savings so you can reach your goal.

Purge Your Closet

If you need some more cash, try selling some old textbooks or go through your closet and sell your unused clothes for cash. Also, keep your eye out for any easy job offers. Some colleges may request help running large events on campus or in the mail room. These jobs are typically only for a few weeks, but are great if you are only looking to get a little extra income. You can even recycle cans and bottles for extra money!

Tighten Your Belt

This one may seem obvious, but stop spending your money on unnecessary things. Weekends are the worst time for college students - spending can get out of hand. Dine out less, wait to see the latest movies, don’t buy clothing items you really don’t need - you know the drill. If this trip is important to you, look into free ways to spend your weekend. See what’s going on around campus or try to get ahead on school work. If you simply must go out, don’t spend money. It may seem tough at first, but trust us, it will pay off in the long run!

Flash Your Student ID

One last way to try and save some money is by using your student ID. Many companies offer a student discount which can help you save just a bit more towards your trip - just ask!

Even if you don’t have the money right away, just yet get creative about saving and you’ll be on your dream trip in no time. If you have any questions about other ways to save or setting up a savings plan, give us a call at (561) 641-0100 or check out our website.