UFCU - Ukrainian Federal Credit Union

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Сьогодні: Friday, Sep 10, 2010

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4-6 вересня - День Праці

2010 Calendar
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UFCU is now offering $tart $mart Bonus Club benefits to our 17 to 21 year-old UFCU members. All eligible $tart $mart Bonus Club members receive FREE set of starter share draft/checks, our UFCU VISA Check Card, a minimum overdraft line-of-credit* and a VISA Credit Card* with limits up to $1000. *...

*subject to credit approval with minimum savings balance of $100

Children & Money Management
Some Tips for young savers:

For 5 year olds and younger:

Start your child saving money by supplying them with a coin bank.

Show them how to identify coins and their value.

Teach them how to count and add small amounts of coins.

When they have a certain amount of money saved, let them make the decision of how to spend it.

5 to 10 year olds:

Start your child on a regular allowance and this will help them to plan their savings

Reinforce the relationship between saving and buying by letting them make purchases they want.

Encourage children to divide their allowances and cash gifts to save a portion of their money, spend it wisely and at the same time donate a small amount.

When their save container becomes full, take your child to the Ukrainian Federal Credit Union and open a Mitten Club account. They will receive a $10 gift deposit when opening the account and a yearly deposit of $5 into the child’s account by the Ukrainian Federal Credit Union.

11 to 14 year olds:

Allow children to work at odd jobs - yard work, babysitting. This encourages them to look beyond their allowances for extra money.

Show them how to shop wisely by teaching them comparison shopping, product qualities, prices, and warranties.

15 and older:

This is a good time to discuss their savings in terms of education and the purchase of their first car.

For some teens that have proven their financial responsibility, opening a share draft/checking account can be the next step.

With the share draft/checking account, the convenience of a UFCU VISA debit card can be an added feature.

Tips for Parents: It’s never to early to start thinking about your child’s future and the cost of college. The Coverdell IRA allows you a $2000 tax free annual deposit into a Mitten Club Account.