MyShore Teen Club
Jersey Shore FCU welcomes members of all ages!
Teens ages 13 to 17 are automatically enrolled in MyShore Teen Club. As club members, they'll learn how to save for the future and have some money for spending too. An adult member on the same account, can apply for the following accounts which can be used by the teen:
In addition, high school seniors can participate in Jersey Shore Federal Credit Union's Benson/Hunt Scholarship Program and the New Jersey Credit Union League's statewide Scholarship Program. Watch for the announcement of applications during the month of January.
Thinking about College?
Fun Financial Games
Jersey Shore FCU has partnered with Googolplex, sponsored by CUNA, to bring teens financial resources and fun games.Visit the C-Note web site
to check them out.
A Special Savings Rule
Divide 72 by the interest rate you expect to earn on your savings. This will tell you the number of years it will take to double your money. For this example, we’ll use an interest rate of 2.5%:
72 / 2.5% interest = 28.8 years
You can also divide 72 by the number of years in which you want your money to double. This will give you the interest rate you’ll need to make it happen. For example, if you want your money to double in 15 years, use the Rule of 72 this way:
72 / 15 years = 4.8% interest
How to Avoid ATM Fees
ATM surcharges keep rising. Here's a list of easy ways to help you avoid ATM fees.
- If you have a MasterCard Debit/ATM card, use it any place you can! Don’t spend your cash at restaurants, department stores and other places that take a MasterCard Debit/ATM card. The money will come right out of your checking account.
- Budget your money throughout the month so you make fewer ATM withdrawals.
- Access surcharge-free ATMs.
- Use the cash back option at grocery stores, Walmart, K-Mart, CVS and others.
- Avoid ATMs in hotels, airports, and similar locations. They usually have high surcharges.
- Consider using traveler’s checks, personal checks, and credit cards instead of ATMs when traveling.
Creating a Budget & Making a Savings Plan
Creating a budget and saving money isn’t easy. It takes a little practice and a lot of discipline. A good way to start is to develop a savings plan. A savings plan shows you where your money comes from, how much there is and where it goes. Here is what to do.
- Pledge to stick to your plan.
- Figure out how much money you have coming in each month. Count your income from your allowance, part-time job and any other sources.
- Work out how much you want to save. Divide the money into several different categories including everyday expenses, savings for large purchases and savings for the future.
- Put your plan in writing. Track how much money you have coming in and how much you spend.
- Set spending limits.
- Adjust your plan as needed.
- Now take a look at where you spend your money. Do you overspend in several categories? By keeping track, you’ll learn about your spending habits. Then you’ll start to see ways to save.
Saving Money While You Spend
Saving money isn’t just about putting money in a savings account. You can also save money by being a smart shopper. Here are some ways to stretch those dollars:
- Don’t impulse shop. When you’re hanging out with friends at the mall, don’t buy something just because you think it looks cool. First, step back and ask yourself the following questions: Do I really need this item? Am I sure that I’ll use it or wear it? If I make this purchase, can I still pay any debts I owe? Can I find this item cheaper or on sale somewhere else?
- Shop the sales. If you shop the big sales to buy needed items, your shopping will stay focused and you'll get more for your money.
- Shop places other than the mall. The mall is one of the most expensive places to buy things. Try outlet stores, discount stores or consignment or second-hand stores instead and save some cash.
- Go to matinées and discount theaters. Movies are expensive. To help you save money look in the newspaper for discount theaters, go see a matinée (usually a show before 5 p.m.) and don’t spend money on refreshments at the theater.
- Don’t waste money on sub-par products. Research items before you buy them to be sure that they do what they’re advertised to do. Check out consumer or specialty magazines and read their reviews and comparisons.
Save $15 a Week
A few bucks here; a few bucks there. It all adds up to some pretty big bucks in the end. See what saving just $15 a week can do for you!
What is $15? A new CD for your collection? A couple of fast food meals? Or $7,500?
If you saved $15 a week starting at age 15, you’d have more than $7,500 in your account by the time you were 24 and nearly $60,000 by age 60.*
But, if you started when you were 25 years old and saved that same $15 a week, you’d only have a little more than half that amount when you reached 60.
Starting early makes a big difference! And the more you can save, the bigger the effects of compounding your interest over time.
*Example assumes an average annual percentage yield of 2%.