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Seven smart steps to build financial wealth
October 9, 2002
Indiana's credit unions are committed to the philosophy of "People
Helping People." More than 2 million Hoosiers enjoy the convenience, cost
savings and friendliness that is offered by credit unions throughout the state.
After they pay their bills, credit unions put their assets to work offering
better rates and services for their members. Here are a few financial changes
you could make so your assets work harder, saving you both time and money.
Sign up for direct deposit. Skip the payday trip to the branch-you'll avoid
the lines and begin earning dividends immediately. Talk to your employer about
directly depositing your paycheck to your credit union.
Switch to a low-interest rate credit card. Credit union credit cards average
three percentage points lower than bank cards. Isn't it time you made the
switch?
Open an IRA. It's never too early to save. If you have earned income, inquire
about opening an account. And you could even save for a house or education with
an IRA.
Get your cash from credit union ATMs. Whether you're at home or on the road,
you can use your credit union cash or debit card at ATMs owned by credit unions.
Often, they have lower or no fees. Ask your credit union or visit http://www.atmallianceone.org/
for a list of surcharge-free ATMs around the state of Indiana.
Teach your children financial responsibility. By age five, start young ones
on an allowance without ties to chores or behavior. Include older children in
family financial decisions, so they learn by example.
Always check credit union rates before borrowing elsewhere. If you find a
lower rate, there may be a catch. For example, consumers have been lured to car
dealers with promises of 0% financing only to find that they must give up a
thousand dollars or more in rebates-a hidden finance charge.
Keep it in the family. Your family is entitled to the same great rates and
customer service when you are a member of a credit union. Membership is usually
open to parents, grandparents, uncles, aunts, children and stepchildren, so join
today!
For a list of credit unions on the Internet visit www.icul.org. For more
information on credit unions in Indiana call (800) 285-5300.
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