Cha-Ching Teen Club

It's all about the Benjamins!

Cha-Ching! Kids Club
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Today's teens are spending more money than ever. As a whole, they spend billions, and it's not just at the mall anymore. They're on the phone, they're online, and they're ready to spend. As a result, Teens want financial services now, and they want some financial independence, but they need to learn the importance of saving. That's where we can help.

USPS FCU's Cha-Ching Teen Club is the perfect way to educate teens between the ages of 13 and 17 about good spending and saving habits while gradually teaching them sound financial integrity. Send us an email or call us at 1-(800) USPS FCU to request more information.

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Download this Membership application.  After your account is open, come back and visit the Cha-Ching website.

Resources

Get a head start in life by mastering the basics of finances now. It's the best time to do so, since you're likely starting to earn a little more, perhaps from a part-time job. Read the articles below for help in creating a budget and saving money while you spend.

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.

  1. Pledge to stick to your plan.
  2. Figure out how much money you have coming in each month. Count your income from your allowance, part-time job and any other sources.
  3. 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.
  4. Put your plan in writing. Track how much money you have coming in and how much you spend.
  5. Set spending limits.
  6. 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:

  1. 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?
  2. 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.
  3. 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.
  4. 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.
  5. 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.

A Couple of Bucks Here, a Couple of 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! Hey, what’s $15? A new CD for your collection? A couple of fast food meals? Or $10,000?

If you saved $15 a week starting at age 15, you’d have more than $10,000 in your account by the time you were 24 and nearly $140,000 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 5%.