22 Dec

Teaching Teens about Money

Lesson 1: Stress Savings!

There are many reasons that saving is first on this list. Teaching teens about money needs to begin with how they can save what they earn. Having savings can protect them against a lifetime of debt and financial security.

  • Saving money can help teenagers reach a financial goal and have more respect for the purchase. For example, putting a down payment on a car. When they’re more invested in the vehicle, you can bet they’ll be safer driving it.
  • Saving money is one way to avoid life’s hiccups, aka unforeseen incidents. If they lose their job or head off to college but still have expenses like car insurance, their savings will help.
  • If they have money saved, they’ll earn financial peace of mind. Life as a teenager is stressful enough – why make it more so by worrying about late payments.
  • More Money = More Independence from you. The more money they save, the less they have to rely on you and the more financial decisions they can make on their own. Teens need some financial independence and it is made possible due to savings.

Here is another article we wrote that talks about savings. If you are interested in setting up a savings account for young person, talk to a RMLEFCU representative about our piggy bank savings account. We’ll automatically kick off their savings with a $25 CD!

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14 Mar

Outrageous Bank Fees Outlawed at RMLEFCU

According to Bankrate.com’s most recent annual survey, consumers now pay an average of $4.52 per transaction to use an ATM network that their bank isn’t part of, an increase of 21 percent over the past five years.

As a member of RMLEFCU you benefit from our partnership with MoneyPass®. Their ATM network gives RMLEFCU members access to tens of thousands of surcharge-free ATMs nationwide. Finding ATMs is easy when you visit their site and enter your zip code or install an app on your iPhone or Android.

Better yet, if you have a free Kasasa Cash® or free Kasasa Cash Back® checking account with us we’ll refund your ATM fees nationwide.

A few other fees that many big banks charge that you won’t incur with RMLEFCU:

  • Early Account Closure Fee – U.S. Bank, HSBC, and PNC Bank charge a $25 fee to close an account that has been open for fewer than 180 days.
  • Monthly or Annual Maintenance Fee: Many banks charge these and only waive them if you jump through 10 hoops, clap three times and say, “There’s no place like Big Bank X.”
  • Minimum Balance Fee: We understand that life happens and balances fluctuate. But charging you when you don’t have money is akin to offering a drowning man a dumbbell.

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11 Jun

Get a credit score so strong that Chuck Norris will think twice before fighting it!

chuck-norrisDid you know RMLEFCU offers a Credit Builder loan?

This is specifically designed for:

  • Members with little to no credit history
  • Members with low credit scores

RMLEFCU members are able to establish or re-establish their credit rating with the three major credit bureaus with RMLEFCU acting as a gatekeeper. It works like a layaway plan: instead of getting the money upfront, borrowers make payments on the loan over a period of time, perhaps a year, and RMLEFCU puts the money in an interest-bearing savings account. As loan payments are made, the borrower can begin to access the money, although we recommend waiting until the loan is paid in full.

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10 Feb

Getting Your Finances Ready for 2015 Part 2

Planning and Saving in 2015, Your Best Financial Year!

The holidays may be a distant memory past, but the debt you incurred while trying to make sure you gave everyone the present of their dreams has not. It’s time to get out of the red and into the black with some easy tips on budgeting and saving in the New Year!

Planning and Saving in 20151.) Make sure you’re getting the most out of your financial institution. Not all banks are created equal, and certainly not many (or any!) banks are better than credit unions (in our humble opinion). Does your financial institution offer free checking? Low interest rates on auto loans and mortgages? ATM fee refunds? Make sure you shop around and find a place that suits your service and financial needs.

2.) Establish your financial goals and then prioritize them. People often feel overwhelmed with everything they should be saving for, like paying off debt, buying a car, and/or building savings. It can feel a lot less impossible if you work towards one goal at a time. Decide what is the most important to you, and save for it. When you reach that goal, you’ll feel so good you’ll be ready right away to jump into your next savings project. Be sure to check out RMLEFCU’s Custom Savings Accounts!

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14 Oct

Gifts That Grow a Lifetime

Kids savings account RMLEFCU DenverIt’s hard to know what to get kids these days. The hottest toys one week can be quickly discarded the next. However there is one gift you can get a child or grandchild that never goes out of fashion, and that is teaching them the value of saving.

Opening a Rocky Mountain Law Enforcement Federal Credit Union account for a child now will help them develop a habit of saving that will last a lifetime. Unfortunately too many people have learned (and some who still haven’t) their lessons concerning living outside of their means. Using credit cards irresponsibly and spending more than one has can have lasting negative impacts on someone’s financial future. Teaching a child about the benefits of saving and financial responsibility will benefit them throughout their entire lives. Set up a child for financial success with a RMLEFCU account.

Need some more reasons? Here are 5. Read More

14 Jul

Retirement Planning for Young People

RMLEFCU Retirement SavingsSo you are in your twenties or thirties. Retirement seems like a long ways off. There is plenty of time to save and invest… right? Although retirement may be quite a few years away, what you do now to prepare for it will have a huge impact on your quality of living when you do retire. A dollar saved today can be worth ten dollars years from now!

Saving for retirement is very important. The earlier you start, the longer amount of time you give your money the opportunity to compound and grow. Unfortunately, one cannot expect to put their money in a traditional savings account and call it a retirement plan. Where you keep your retirement savings matters. Savings accounts, money markets, and CDs are all great places to keep money in the short term, however none of those accounts has historically kept up with inflation in the long run! That means your savings will be worth less when you retire!

Here are some tips to help you get started with retirement planning. Read More

21 Mar

2014 Kids Account Coloring Contest!

kids coloring contest RMLEFCU We want all our RMLEFCU kids to start saving for the things they want and we want to know what they’re saving up for! So, for the months of April and May 2014, your own little saver can enter his or her drawing into our Kids Account contest.

Have your kids get their crayons or colored pencils out and draw us a picture of what they want to save up for. We’ll post them around the RMLEFCU offices this spring. And then our panel of judges will choose their three favorites!

Each winner receives a $100 award, which will be deposited straight into their Kids Savings Account!

Here’s what you need to do:

  1. Draw, Draw, Draw! Just imagine what you might be saving for!
  2. After the picture is complete, enter the information below and submit it to a RMLEFCU branch office.
  3. Entrants do not need an active RMLEFCU Kids Savings Account to qualify!  But if you open one now, we’ll chip in with an initial $5 deposit, as well as a great little piggy bank!

Contest begins April 1, 2014, and ends May 31, 2014.

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