5 Financial Resources for Teens - Money Tip Tuesday
4m
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Making Money Personal
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Building sound money habits at a young age can set you up for financial success through the rest of your life. Fortunately, there aremany resources available to help young people learn and build financial skills that are also fun and rewarding.
Links:
- Explore Visa's Practical Money Skills website
- Financial guide book: How to Money: Your Ultimate Guide to the Basics of Finance
- Learn about investing with The Stock Market Game
- Explore financial resources for every age at MyMoney.gov
- Learn more about Triangle's Teen Club account with debit card!
- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Financial literacy is important for people of any age. Without a fundamental understanding of money, it’s difficult to build effective habits that will last throughout the many different stages of life.
The earlier in life people learn about and practiceimportant money skills, the better.
Teens are right at the point where money habits start to become relevant and important. They’re likely to gettheir first job, buy their first car and enjoy their growing independence. Their access to money provides them with the ability to spend more on what they want and need in life. But even though they may have money coming in, they may not know where to look for help when managing their finances.
According to a 2021 Greenlight survey, 74% of teens surveyed said they didn’t feel confident in their personal financial knowledge and 73% wanted more financial education.
The challenge for most people at any age is to find the right resources that provide effective education and training.
If you’re a teen or maybe a parent of a teen looking for some ways to encourage and build financial skills, here are 5 resources that can help your teen learn about money.
- The first one is the website called Practical Money Skills hosted by VISA. It’s designed to teach people of all ages about financial education and covers topics such as credit, banking, debt, identity theft, budgeting and more. It also offers a collection of activities, tools and videos forteens to explore as well as a variety of money games designed for different age ranges.
- The second is to use a financial guide. If your teen enjoys reading, you can check out the book How to Money: Your Ultimate Guide to the Basics of Finance. This book was listed on Investopedia as the best overall money book for teens. It’s a useful beginner’s guide to most money topics that teens can start to explore like starting your first budget, navigating student loans and scoring your first job. It’s also available as an audiobook, so if your teen isn’t much of a physical reader, they can still explore the material from their phone or computer.
- For investment education, the third resource is totry The Stock Market Game.If your teen is interested in the stock market, or you want them to learn more about the stock market, to gain experience or understand it a bit more, there’s a fun tool to explore the ins and outs of the market without using real money. This is an online trading simulator, set up as a game, that builds familiarity with how the stock market works to help you build confidence in investing. It’s designed to be fun and once you set up an account,it provides fake moneythat you’ll use to try your trading strategies.
- If your teen likes practical, hands-on tools like checklists, calculators and other resources, then check out this fourth resource, MyMoney.gov. It’s managed by the Financial Literacy and Education Commission and provides an abundance of Youth Resources specifically designed for young people ranging from young children to highschoolers. If your child or teen likes to explore games, there a many on this site to explore.It also links to the CFPB (Consumer Financial Protection Bureau) website for access to even more resourcesfor children and parents targeted by different age ranges.
- The fifth resource for teens is to usea teen checking account and debit card. What good is all the money management knowledge and financial literacy tools if there’s no way to put it all into practice? If your teen is starting to make some money, it’s time to get them experienced with a debit card and checking account. This simple tool opens the door to all kinds of financial possibilities so they canpractice all the lessons they’ve been learning like depositing money, tracking spending, making payments, and managing a budget. Teens also gain access to mobile banking apps and other online banking tools that they can use to set goals, budget and track spending. Check out Triangle’s Teen club account to learn more about the helpful financial benefits teens get with membership, including their own debit card.
If there are any other tips or topics you'd like us to cover, let us know at [email protected], and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union, on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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How to Know You're Ready to Buy a Home - Money Tip Tuesday
Buying a house is a huge decision. It takes a lot of planning and preparation. If you hope to own a home someday, you may begin wondering whether you’re ready to start the process. Fortunately, there are some basic questions and steps you can take to gauge whether it’s the right time or if you should prepare a bit more before such a big purchase.
Links:
- Learn more about Downpayment Assistance Programs
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- Get in touch with one of our Mortgage Originators
- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
When buying a house, you’ll find you’re faced with many choices. Going in new to the game can be intimidating, especially if you’re facing pressure from places like family, friends, or even the economy.
As you get started, you’ll need to determine a few important things to find out if you’re ready to make such a big purchase.
First, if you’re feeling ready to embark on this journey remember that you don’t have to do it alone.
The best way to start is by setting up an appointment or free consultation with a mortgage loan officer. They can review your finances with you, set you up with a plan of action that may include preparing your credit and accounts prior to applying, get you in touch with a realtor, and provide an idea of the price range you should be looking at when shopping.
Mortgage professionals will help youanswer essential questions to determine how ready you are to find the right home.
First, they’ll help you figure out how much down payment you’ll need. Determining the down payment is an essential step in the home-buying process. The more you put down, the less you’ll need to borrow. But for many people, this is a challenging step because it takes time and planning to save enough of a down payment that will even make a dent in the overall house price.
Lenders generally require 20% down, which as of this recording is averaging around ninety-five thousand dollars in New Hampshire—difficult for most to obtain. With the benefit of PMI (Private Mortgage Insurance), many lenders can offer a mortgage without that large down payment. Because of this, different lenders also offer a variety of first-time homebuyer programs that accept low down payments, some as little as 5% or even 3% down. That can make a huge difference for someone with little time to save up for a down payment. Being intentional about saving that down payment is critical, and it will make the difference in how much money you’ll have to borrow for your home.
Second, they may provide insight on whether you qualify for any down-payment assistance programs.
If you’re struggling to collect enough for a downpayment, you may find help through down payment assistance programs. These are special programs, usually for first-time home buyers, but not explicitly, that can provide funds like grants, particular loans with very low rates or no need for repayment, forgivable loans, and tax credits. These offers are very localized and differ from state to state, but it’s worth researching the opportunities that might be available to you. Remember that you may have to meet specific requirements to get the assistance, and some lenders might not work with all programs, so do your research beforehand to determine your likelihood of receiving downpayment assistance.
Third, they’ll help you get an idea of your interest rate and APR.
The interest rate significantly affects whether you’re ready for a mortgage. Getting as low an interest rate as possible is a top priority for many people. As a prospective homebuyer, you’ll find that you’re not only shopping for houses but that you’re also shopping for the best rate. Rates play a considerable role in how much you’ll pay in interest over the lifetime of your loan, and they vary by lender. But, to get as good a rate as possible, you need to have good credit. Make it a point to know your credit score. This is one of the most significant factors for lenders regarding what interest rate you’ll get, so nurturing a good credit score is ideal. Monitor it regularly and ensure you’re making all payments on time, reduce your debt-to-income ratio by paying down as much borrowed money on credit cards or personal loans as possible, have a good credit mix and a reasonable length of credit history. The better your credit score, the more likely you’ll get a reasonable rate and pay less overall for your mortgage.
Finally, they'll help you get an accurate estimate of your monthly payment. Once you have a good idea of your down payment and what rates you qualify for, it’s helpful to calculate what you can expect to pay monthly and whether that’s affordable.
Use a mortgage calculator to determine how different down payments and rates affect your monthly payment. Remember that insurance and taxes should also be factored in for the most realistic payment possible. Use the calculators to determine whether that monthly payment is something you can comfortably afford and if not, your mortgage professional can provide options or insight into how to make it more affordable.
Determining you’re ready to buy a home should involve careful planning and research. Like many other significant decisions in life, rushing into a home purchase can be dangerous if you’re not ready. However, considering all the factors mentioned earlier, you will be encouraged to ask the right questions to ensure you’re as prepared as possible.
If you’re ready to buy a home, it’s time to contact a mortgage professional who can help you plan it all out. They’ll walk you through the process of getting pre-approved to finalize the deal at closing. Our team at Triangle is here to help you get the best mortgage option for the home of your dreams.
If there are any other tips or topics you'd like us to cover, let us know at [email protected], and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union, on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Episode 70: Business Resources that Support a Diverse Community | Adriana Torres
When it comes to running a business, there are bound to be a lot of challenges and many questions along the journey. That's why there are so many amazing people working every day to help guide small business owners and entrepreneurs towards their dreams of success.
In this episode, I chat with SCORE Representative Adriana Torres, about how her personal mission drives her passion for not only working at SCORE, but also as an entrepreneur herself.
Links:
- Adriana's Time to Share podcast: YouTube
- Contact Adriana at: [email protected]
- Learn more about SCORE
- Check out our upcoming Latino Connection for Small Business event on June 6th, 2024
- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union
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The Next Best Steps for Your High School Grad - Money Tip Tuesday
High school graduation day is a milestone for the new grad and the parent(s)! After the celebration, it’s time to discuss the real world, reality, and the next best financial steps. What would you say to your graduate? We have the answers to that question.
Links:
- Watch our Budgeting 101 Webinar now
- Get your grad up and running with a new checking account
- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
CHOOSING YOUR COLLEGE/TRADE SCHOOL
Whether your new grad is heading off to college or a trade school, the next level of education can be expensive. The best way to pay is to save, avoid student loans as much as possible, and choose an affordable school option.
Many young adults choose to attend their local community college for the first two years for general education (Gen Eds) courses, such as college English, college math, etc. The cost per course is much lower at community college, and this will save considerable money over two years (as in thousands). Plus, a local school means living at home to avoid dorm and food fees that many students incur during their first year away.
How many times do new college students change their major? I know I did—and that cost me a couple of thousand to make up classes. The first two years at a community college is the perfect time to assess a career choice, and getting those gen eds out of the way at a lower cost per class is a smart money move. Most 4-year colleges quickly transfer new students and their credits—especially if the student has excellent grades!
A BUDGET IS YOUR NEW BEST FRIEND
Whether your new grad is off to work or school, it’s time to introduce the world of budgeting. A budget is simply a plan to tell your money what to do and should be prepared in advance (we recommend the beginning of the month).
Some young adults have few expenses, especially if they are still living at home—that’s okay; there will be fewer line items on the budget to manage.
Why budget? It’s a life skill that helps adults manage their money, save for their future, and live more flexibly. For more information on budgeting, I recommend our Budgeting 101 webinar on our YouTube channel.
GET A JOB!
Even if your new grad is heading to college, a part-time job is a great way to earn some spending money for some social time. Students with part-time jobs do statistically better in school because they are required to manage their time better than those who are not working.
Many students pay for college while they are in college, and this is a brilliant money move—avoid student loans as much as possible and never take out loans to cover living expenses, such as room and food.
THE BANKING BASICS
If your new grad doesn’t have savings or checking (with a debit card), now is the perfect time to head to your local credit union to set up these financial basics. Many credit unions have online account openings, so you no longer have to go to a brick-and-mortar branch.
If you are uncomfortable explaining how checking or debit card transactions work, head to your local branch. Branch representatives will take the time to explain direct deposit and debit transactions and how to avoid overdrafts and associated fees. Even if you are very comfortable with this subject, visiting the branch may be a good idea. Hence, your young adult gets this information from a credit union representative.
DON’T OVERSPEND WITH A NEW CREDIT CARD
Post-high school is a time for freedom—including spending. At 18, young adults are now eligible to apply for their credit cards, which means their world is about to open wide.
When I was in college several years ago, credit card companies offered free t-shirts to those who applied. “Build your credit,” they said. While building credit is a good, responsible step, young adults need to consider the consequences of credit. Take time to explain credit and how credit can be adequate. The rule of thumb to follow: if the bill can’t be paid in full when it’s due, don’t spend the money on the purchase.
If you have any tips on this topic or ideas for future issues, please email us at [email protected]. For more great content, be sure to subscribe to the Making Money Personal podcast wherever you listen to podcasts.
Tips to Avoid Student Loan Forgiveness Scams - Money Tip Tuesday
As of 2024, U.S. students currently owe $1.74 trillion in both federal and private student loans. That amount is ridiculously high, and students who owe money on their loans are scrambling to pay them off and are hoping that student loans will be forgiven. Unfortunately, this creates a big opportunity for scammers to exploit students. Here's how you can avoid getting scammed regarding student loans.
Links:
- Worried you've been scammed? Contact any of these agencies for help: US Department of Education, Federal Trade Commission, and the Consumer Financial Protection Bureau
- Get identity protection with Triangle's Better Checking account for affordable fraud monitoring and resolution services
- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
If you have student loans, here's what you need to know about student loan forgiveness scams. They are prevalent, especially with student loan forgiveness in the news. The scam can come in different forms of delivery, with phone calls, text messages, and emails being the most common.
Here are some tips to spot a student loan forgiveness scam. First, look out for aggressive advertising language. For example, if the message you received wants you to act immediately or if your account has been flagged for investigation, it most likely isn't legitimate. The U.S. Department of Education says that while they might reach out to highlight temporary programs, they wouldn't use aggressive advertising language.
Another way to spot a student loan forgiveness scam is if it seems too good to be true; it probably is. Some scammers will ask for an up-front or monthly payment while promising immediate student loan cancelation. Most government forgiveness programs require years of qualifying payments and/or employment in a specific field to qualify for student loan forgiveness.
One common way to spot a student loan forgiveness scam is if they ask for your login information. The U.S. Department of Education has stated that they and their partners will never ask for this information.
If you are unsure if the message you received is legitimate, check who sent it to you. Scammers can easily spoof messages to look like they are sent from an official source, but making sure is essential. Studentaid.gov has some helpful resources that include a list of email addresses and phone numbers that they use, as well as their trusted loan servicers.
If you think you have been scammed, there are several options you can take. You can contact your federal loan servicer to ensure there was no unwanted activity on your loans. You can contact your financial institution to stop all payments to the company you think is scamming you. You can also submit a complaint to the U.S. Department of Education, the Federal Trade Commission, and the Consumer Financial Protection Bureau.
If there are any other tips or topics you'd like us to cover, let us know at [email protected]. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.
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- Check out Triangle Financial Group resources at trianglefinancialgroup.com
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- Check outTCU Universityfor more financial education tips and resources!
- Follow us onFacebook,InstagramandTwitter!
- Learn more aboutTriangle Credit Union