Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Savings Tips For Youngsters

23. July 2021 Administrator Blog (0)
Youngsters are known to be strong believers of living in the moment! However, when it comes to finances, it is advisable to encourage them to plan ahead and keep a portion of their earnings as savings. This helps in securing their future and opens up opportunities for making investments early in life.

Here are some pro-saving tips for youngsters:

  • Make A Budget: The first step towards saving is to create a budget and stick to it. The purpose of creating a budget is to be watchful of income and expenses. It helps create a limit on the amount spent and to create savings for bill payments, entertainment, etc.
  • Practice Delayed Gratification: Youngsters need to work on self-control as far as expenses are concerned in order to save. Encourage them to save for a commodity or service instead of buying it on credit.
  • Keep A Tab On Expenses: Educate youngsters on financial management through personal finance books, online mediums and financial experts. This will help them understand how daily expenses can add up into huge amounts and their impact on savings goals. It will also help to minimize recurring monthly expenses.
  • Prepare An Emergency Fund: Teach them the importance of starting an emergency fund. Irrespective of how much they earn (from pocket money, summer jobs, part time jobs, etc.), encourage them to put away a certain amount as an emergency fund. They can make use of a money market account, certificates of deposit or a high-interest savings account for doing so.
  • Adopt Frugal Habits: Set an example for them by spending wisely by limiting expenses on housing, food, transportation, shopping and entertainment. Look for cheaper options wherever possible and tell them the amount you end up saving.
  • Avoid Lifestyle Inflation: Help them avoid falling into the trap of getting the latest gadgets and devices, cars, expensive designer wear and so on. Teach them to hang onto what they have for as long as they can, provided there is no depreciation in quality and utility.
  • Open A Savings Account: Encourage them to deposit a portion of what they earn into their savings account. It instills a sense of discipline every month and lays the foundation for healthy saving habits.
It is easier to develop a habit at a younger age, so encourage youngsters to start saving. Greater Central Texas Federal Credit Union offers an array of savings accounts to assist savings. To know more about savings accounts in Killeen, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.
GCTFCU Blog | Auto Financing Tips For First Time Car Buyers
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Auto Financing Tips For First Time Car Buyers

11. May 2012 Administrator (0)

First time car buyers are usually young individuals, who have just gotten into college or have started their first job. The experience of buying a car for the first time can be as challenging as it is exciting. As much as you would love to see a sparkling set of wheels parked in your porch, you need to be wary of making mistakes that most first time buyers are likely to make. Here are some handy tips that should get you through one of your biggest deals so far without much of a hassle:

  1. Stay within your budget: As a first time buyer, it might be tempting for you to indulge in a fancy car just like you’ve always dreamt. However, you need to be well aware of the repercussions of making a purchase that’s beyond your means. Not only could it jeopardize your credit history, but it could also cause you unnecessary financial burden. As a rule of thumb, buy a car only if you can afford to pay 20% of the payment as down payment. Ideally, you should be able to pay off the loan within 4-6 years of making the purchase.
  2. Consider buying a used car: Most first time car buyers have their eyes set on a big buy, and do not as much as consider buying a used car. What you need to understand is that it’s alright to buy a car that has been used, as long as it is in fairly good condition. Even though it might be a little difficult to get an easy financing option on such a car, the small installments make it a lucrative option.
  3. Get a co-signer: One of the biggest problems faced by any new car buyer is not having a favorable credit record to get an auto loan. It is a good idea to seek the assistance of a parent or elderly relative, who is ready to cosign your loan documents. This is simply a way to assure the lender that you shall repay the loan, and can help you to get a lower rate of interest and a better loan than you otherwise would.

We at Greater Central Texas Federal Credit Union provide you quick and cheapest car loans in Texas. For more information about our services, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

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