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!

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.