Teaching Kids About Money Now So They’re Financially Independent Later

September 28, 2020

Teaching kids about money and exposing your kids to finances at a young age will empower them to be financially independent when they’re older.

teaching kids about money | a father and son at the kitchen table with change and dollar billsOne in four U.S. adults with young children said their parents taught them essentially nothing about money when they were kids, according to a 2019 survey by CreditCards.com.

Some schools include a certain amount of financial education in their curriculums, but parents remain the main teacher of financial education, especially when it comes to learning about money.

So here are three uncomplicated tips for teaching kids about money to make it easy for you as a parent.

Turn Learning About Money Into a Game

Kids and parents alike, love games. Who doesn’t love Monopoly? Turn learning about money into a game. Jim Brown, a financial consultant said he used “shopping games.” He would give his kids cash and send them to the store to see if they could buy the right items without overspending.

This is an easy way to introduce money and how it works to your kids.

Look for Opportunities to Teach Your Kids About Money

The old saying, “kids do what you do not what you say” holds true with money as well. As kids get older and start earning money, they will begin to follow the way you handle money. If they see you using a credit card all the time, they will do the same thing.

Teach your children the importance of savings and delayed gratification. Let them see you put money into a savings account for a larger purchase later. This will teach them to save first and reap the gratification of spending later, once they have enough money.

Make Your Lessons Age-Appropriate

Remember to make sure the financial lessons you’re trying to teach are appropriate for your kid’s age. Teaching a 5-year-old about credit card debt is NOT appropriate. Failing to teach your high schooler about interest rates and how to use credit or debit cards responsibly is also NOT wise.

Make it age-appropriate and based on their understanding level at that time.

Empower Your Children

Remember, as the parent, you want to empower your child to make wise financial decisions. It starts by teaching them at a young age and consistently helping them through their teen years. Taking these steps now is worth the time and effort!

Different Types of Savings Accounts | Deposit, Money Market & Certificate of Deposit

July 30, 2020

There are several different types of savings accounts. The kind you choose will largely depend on your needs and money goals. For example, you’ll want to consider how much access to your money you might need and how quickly you want your savings to grow. Find out which type is best for you. 

Different Types of Savings Accounts: Which is Best for Me?

different types of savings accounts | coins in a mason jar with a graduation capDeciding on which type of savings account to open should not be overwhelming. One thing to keep in mind is that a savings account is designed to earn you some interest with little or no risk. There are three common types of savings accounts.

Deposit Savings Accounts

A deposit savings account is what most people think of when they think about opening a savings account. You can open one of these accounts with just a small deposit. The interest you earn is going to vary on where you open the account. Look out for fees. Depending on the financial institution’s opening requirements, you may be charged transaction fees or a minimum deposit fee.

Money Market Accounts

A money market account is a savings account option that may pay a higher interest rate than a deposit account, depending on where you have the account. With this type of account, you usually have to maintain a higher balance. The good thing about this type of account is that you can write checks against your balance, something you can’t do with a deposit savings account. Bear in mind, there are limits to the number of checks you can write per month as this is not a checking account.

Certificate of Deposit

Certificates of deposit, often called CDs, require you to lock your savings away for a set amount of time. During that time, if you choose to withdraw funds, you will pay a penalty. When your set term period ends or matures, your money is usually reinvested in a new CD for the same term unless you withdraw your money. This account traditionally offers the highest interest rates of any savings account type. The longer the CD term, the higher your interest rate.

Traditional bank savings accounts are typically insured by the Federal Deposit Insurance Corp., or FDIC, for up to $250,000 per depositor, per insured bank, for each account ownership category.

With federal (and some state) credit union savings accounts, your funds are insured by the National Credit Union Administration, or NCUA. Up to $250,000 of your savings account will be insured with a participating credit union.

It’s always a good time to start saving. Consider how your options can help you toward your goals, and then select a savings account that fits your needs.

Share Insurance Protects Your Money

July 20, 2020

With these uncertain times and things changing often, one thing is certain, your money is safe with us.

Federal Share Insurance

Safeguarding your hard-earned money is vitally important. That’s why Argent Credit Union has federal share insurance, administered by an independent government agency, the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to at least $250,000 in your checking accounts, regular share savings accounts, and certificates.

share insurance | African American father with his son hanging around his neck smilingThe coverage for individual retirement accounts (IRAs) and Keoghs is also $250,000. Funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate to $250,000. A Keogh account is insured separately up to $250,000 as well. It’s important to note that share insurance doesn’t cover investment products such as mutual funds and annuities.

Something else about share insurance: It separately insures individual and joint accounts. For example, say you have an individual account containing $250,000, and a joint account with your spouse containing $250,000. Each account is insured separately for a total coverage of $500,000.

Your Money is Safe With Argent Credit Union

So how do you know we’re federally insured? All federally insured credit unions, like Argent Credit Union, must post the official NCUA insurance sign in their offices. As do other NCUSIF-insured credit unions, we abide by high standards of safety and soundness. Because of that, NCUSIF is a strong, well-capitalized fund.

So, rest assured, your money is safe. You can count on Argent take good care of it.

Top Tips for Gearing Up to Go

July 1, 2020

It’s summertime, and if you’re one of the many in vacation mode, follow these online safety tips when traveling for greater confidence and peace of mind when planning and also while enjoying.

Online Safety Tips When Traveling: Top Tips for Gearing Up to Go

Lockdown Your Login

Your usernames and passwords are not enough to protect key accounts like email, banking, and social media. Get ready for your summer trek by fortifying your online accounts and enabling the strongest authentication tools available, such as biometrics, security keys or a unique one-time code through an app on your mobile device

Keep a Clean Machine

Before you leave town, it’s important to make sure all security and critical software are up to date on your internet-connected devices. Keep devices and apps updated during travel, too. It is your best line of defense.

Make Sure All Devices Are Password Protected

Bolt your digital doors, and be sure to use a passcode or security feature (like a finger swipe) to lock your mobile device.

Think Before You App

Review an app’s privacy policy and understand what data (such as location and entry to your social networks) it can access on your device before you download. Delete apps you are no longer using.

Own Your Online Presence

online safety when traveling

Not everyone has to know about your travel escapades and summer fun: set the privacy and security preferences on web services and devices to your comfort level for sharing. It is okay to limit how and with whom you share information – especially when you are away.

Online Safety Tips When Traveling: Top Tips While On the Go

Actively Manage Location Services

Location tools come in handy while planning your trip or navigating a new city, but they can also expose your whereabouts – even through photos. Turn off location services when they’re not in use.

Get Savvy About WiFi Hot Spots

Do not transmit personal info or make purchases on unsecure networks like those in local cafes and hotel lobbies. Instead, use a virtual private network (VPN) or your phone’s cellular connection as a personal hotspot to surf more securely.

Delete Unused Apps

Many people use apps that can be specific to a city or attraction. These apps should be deleted when no longer needed.

Turn Off WiFi and Bluetooth When Idle

When WiFi and Bluetooth are on, they connect and track your whereabouts. If you do not need them, switch them off.

Protect Your $$$

Be sure to shop or bank only on secure sites. A web address with “https://” means the site takes extra security measures. However, an “http://” address is not secure.

Never Use Public Computers to Log Into Any Accounts

Be extremely cautious on public computers in public places like airports, hotel lobbies, and internet cafes. Keep activities as generic and anonymous as possible.

Share With Care

Think twice before posting pictures that would reveal you are not home or that you would not want certain people (like your parents or employer) to see.

Post Only About Others As You Would Have Them Post About You

The golden rule applies online, too.