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CU Rising

Grow With Us: The Future of Financial Wellness

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Your guide to mastering money and building a strong financial future!

Smart Shopping: Deciding Between High Price and Value

cost vs value

When you’re shopping—whether for groceries, online, or at a car dealership—you often face the choice: should you opt for the pricier, higher-end option or save with the cheaper alternative? This decision ultimately comes down to weighing quality against cost. 

Don’t Be Fooled by Price

Sellers know you might assume a higher price means higher quality. But sometimes, the cheaper option does the job just as well—or better. Plus, expensive items may include unnecessary features, making it a waste of money to pay for extras you won’t use.

That said, paying more can be worth it in cases where safety, reliability, or a trusted brand with great customer service are at stake. It’s always smart to research before making a decision.

Check Reviews

Online reviews are a great way to get insight into whether a product lives up to its claims. Doing a little research can help you avoid buyer’s remorse.

Balancing Risk and Priorities

At the core of the cost vs. quality debate is your willingness to take a risk. Is the $1.50 cereal just as good as the $3.50 box? Maybe. But it’s trickier with larger purchases like cars, where the stakes are higher.

When deciding, consider:

  • The potential impact if the item fails.
  • Future costs for upkeep or repairs.
  • What others say about the product’s quality.

Higher prices often come with perks, but they aren’t always necessary. Researching and weighing the risks will help you know when to save and when to invest.

More Savings Tips

Grow Your Relationship With Money

Having a healthy relationship with money involves valuing smart financial habits and letting go of guilt when it comes to spending. Here are ways that you can nurture a positive relationship with money.

 Open Conversations About Money:

Avoid treating financial discussions as taboo or only for adults. When money is seen as a topic that’s off-limits, it can lead to discomfort or a lack of understanding. By not discussing monetary challenges with your family, you may miss opportunities to get valuable advice or support, which could make your financial situation more difficult.

Practice Honesty and Transparency

When dealing with money, it’s important to be honest about any mistakes you’ve made. If you’ve spent your entire allowance on something unnecessary, acknowledge it. Taking responsibility for your actions not only builds accountability but also encourages open dialogue that could lead to helpful advice or financial strategies from others.

Let Go of Spending Guilt

While managing your finances is essential, it’s also important not to feel guilty about spending on things you need or enjoy. It’s perfectly fine to treat yourself occasionally, and some expenses may fall outside your strict budget. Learning to strike a balance between saving and spending is key to maintaining a healthy financial mindset.

Avoid Comparing Your Financial Situation with Others

Comparing your financial habits or purchases to your friends' can lead to unrealistic expectations and unnecessary pressure. Everyone has different financial circumstances, spending priorities, and goals. Recognizing these differences helps you stay focused on your own financial journey without the emotional toll of comparisons.

 

First Job, Big Moves: Planning Your Path as a Teen

Landing your first job can be both exciting and a bit overwhelming, but with the right approach, you can make the most of it. Here’s what you need to know:

  • Understanding the Job:
    • A job means being hired to complete specific tasks, usually during set hours known as your shift.
    • Tasks can range from simple duties like cooking or customer service to more complex roles such as managing or planning.
    • Alternatively, you can start your own business, pay yourself from the profits, and hire employees as your business grows.
  • Age and Job Opportunities:
    • In the U.S., you can start working officially at age 14.
    • Research local businesses that hire younger employees.
    • Expect limited work hours and minimum wage—the lowest legal pay rate.
    • Common teen jobs include clearing tables at fast food restaurants, helping clean schools, or bagging groceries.
  • Earning Money Without an Official Job:
    • If you’re not old enough or prefer to wait, there are still ways to earn money.
    • Consider earning an allowance for chores, walking dogs, babysitting, or other small tasks.
    • Even small earnings are great for practicing budgeting and money management.
  • Planning for Your Future Career:
    • Think about your interests and explore careers that match them.
    • Focus on your studies, gain knowledge in your areas of interest, and build relevant skills.
    • Some careers require specific training or education, so creating an education plan can help you outline the courses or programs needed to achieve your goals.
Understanding Credit

Taking out money through credit can help you get things you wouldn’t normally be able to afford right away, but make sure you really understand what you’re getting into so you don’t end up with too much debt. There are a few types of credit you will see when you start looking into credit.

Revolving Credit
This is when you can borrow money, pay it back, and then borrow again up to a certain limit. Every month, you’ll need to pay back at least a minimum amount. If you don’t pay off everything you borrowed, the leftover amount gets carried over to the next month and starts earning interest. Common examples are credit cards and lines of credit like HELOCs.

Installment Credit
With this type, you borrow a set amount of money upfront and pay it back in regular payments (called installments). These payments might last for months or even years. Car loans, student loans, and mortgages all fall under this type.

Open Credit
You might not think of this as credit, but open credit is when you use something and pay for it later, like with your cell phone bill or utilities. You use the service, then pay for it afterward. These bills usually don’t have interest, but if you’re late or don’t pay in full, fees can start adding up.

Here’s the deal: when you buy something on credit, you’re still responsible for paying it off. A lot of times, you’ll end up paying more because of interest. The type of credit and the agreement you sign will decide how much extra you have to pay, how often you make payments, and how big those payments are.

Credit can get tricky if you’re not careful. Borrow too much or take out loans with high interest, and you could owe more than what the item is even worth or struggle to keep up with the payments.

What type of digital payments do you use most often?

phone payment
What type of digital payments do you use most often?