08 Jun

5 Reasons Your Teen Should Have a Credit Card

 

Should Your Teen Have a Credit Card?

1. Teens need to walk before they run both physically and financially. Consider this unique card their “financial training wheels.” It will help instill good financial habits in your child while they are more receptive than say an 18 or 19 year-old. Rather than letting credit card companies tempt them with a free t-shirt on campus in exchange for a card with a $10,000 limit, RMLEFCU’s Kid’s Credit Card has a much lower limit in line with the reality of their earning capacity.

2. A credit card allows teens (and watchful parents) to track spending. Online tools make an easier job of tracking credit card use. If your child only uses cash and checks, it becomes next to impossible to see a spending pattern or recognize how much they are spending and on what.

3. A RMLEFCU’s Kid’s Credit Card will help your children build their credit history. By the time they reach adulthood, they will have already established a valuable credit record. No credit is almost as bad as poor credit since a lender has nothing to review when evaluating credit worthiness. Establishing credit earlier helps when your kids apply for a car loan or complete a rental application.

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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

07 Mar

Teaching a Kid the Importance of Saving

teaching the importance of saving to a child RMLEFCULearning about saving at a young age can make an enormous difference in a child’s life. The skills and habits formed around finances at a young age directly affect the ability to save up for larger items later in life such as cars and homes. Setting up a savings account for your child, grandchild, niece or nephew now teaches them responsibility, budgeting and planning. At Rocky Mountain Law Enforcement Federal Credit Union we want all our young members to get a head start in their financial future. Here is some advice regarding setting up a bank account for a child.

  • When is a good time to open a bank account for a kid? – Right now! Seriously, the earlier the better. Give the child a place to store their money received from birthdays or earned from allowances. Help them set up spending goals for special items they may desire such as toys, video games, etc. Read More