As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
Did you know you can open a savings account with your child? It’s never too early to introduce them to important life lessons and the importance of saving. Opening a savings account for your child is a great way to introduce them to the value of money.
Why Does My Child Need a Savings Account?
Introducing your child to a savings account is an invaluable lesson in financial responsibility. Through regular deposits and witnessing their savings grow, your child will learn the importance of setting money aside for the future. A savings account is a great way to prepare them for future financial success.
You can get them started by depositing birthday or holiday money. Let them keep some of the money so they can spend it on items that matter to them and deposit the remainder in the savings account. They’ll get to watch the balance grow not only through their own deposits, but also through interest.
Allowances are a great way to teach kids how to manage their accounts. If they are saving up for something special, they can deposit part of their allowance each week and watch the balance grow. They’ll also experience the balance shrink when they withdraw the money to make that coveted purchase. It will teach them how to weigh wants and needs as they take ownership of their money.
Take your child with you when you visit a branch! Show them how to deposit and withdraw money. Over time, you can teach them how to read a statement and how interest works.
How Merrimack Valley Credit Union can help
At Merrimack Valley Credit Union, we understand the importance of establishing a strong foundation for your child’s future. That’s why we offer a simple and accessible way to open their first savings account. With a starting deposit of just $5, you can kickstart their savings journey and provide them with the tools they need to develop healthy financial habits from an early age.