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CU Rising

Grow With Us: The Future of Financial Wellness

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Tips and tricks that will help you to be prepared when applying for scholarships.

3 fun and creative ways to make money using your phone.

Saving (the magic of compounding)

Saving (the magic of compounding)

Imagine you have $100 in a savings account that earns interest. With a compound savings account, you not only earn interest on the money you deposit, but you also earn interest on the interest you've already earned. It's like your money is growing on top of itself! 

Lets break down the way that compound savings accounts work. 

  • You start with $100 in your savings account.
  • Let's say your bank gives you an annual interest rate of 5%. At the end of the year, you'll earn $5 in interest, making your total balance $105.
  • Now, here's where compound interest comes in. In the next year, you'll earn interest not just on your initial $100, but on the entire $105. So, if you keep the money in the account without making any withdrawals, you'll earn 5% interest on $105, which equals $5.25. That brings your total balance to $110.25.
  • This process keeps repeating itself. Over time, as you continue to earn interest on both your initial deposit and the interest it earns, your money grows faster and faster.

    So, in short, compound interest is like a magical snowball effect for your money. The longer you leave your money in the account, the more it will grow. It's a powerful tool for building wealth over time, and the earlier you start saving, the more you can benefit from it.

More Savings Tips

Top 3 Money Saving Tips

Tracking Needs vs. Wants Spending money wisely involves distinguishing between wants and needs. To prioritize try creating two columns: one for immediate needs and their costs, and another for wants and their costs. Prioritize spending by questioning the necessity of wants and exploring alternatives. This method helps in making more thoughtful financial decisions. 

Make Saving a Habit Establishing a habit of saving money from a young age sets the foundation for a lifetime of financial health. Like daily teeth brushing, saving a portion of your income should become routine. Allocate funds for short-term goals like a new software game, longer-term goals like a laptop, a rainy-day fund, and future college expenses. This practice not only prepares for unexpected opportunities but also paves the way for saving for adulthood.  

Building a Budget When creating a monthly budget, prioritize income sources like allowances, birthday money, and potential part-time jobs. Embrace the "Pay Yourself First" approach by setting savings goals before allocating funds for fixed and variable expenses. Balance the budget by scrutinizing discretionary expenses, prioritizing spending on things that bring joy, and eliminating impulse purchases like candies and snacks from vending machines. 

Money Management isn’t something we are all gifted with as soon as we start earning money, it is something we must continue to learn and practice throughout our lives. Using these tips now can help you build a financially stable future.  

Vacation Saving Tips

Ready to dive into your first travel adventure as a teen? It's an exciting journey ahead, but with some savvy savings strategies, you can turn your dream trip into a reality without missing out on any of the fun! Here are some key thing to prepare for when planning vacations or trips:

  • Set Clear Goals: Determine the total cost of your trip include travel cost, accommodations, activates, and extras like souvenirs or emergencies.
  • Budget Wisely: Other than budgeting for the trip itself, be sure to budget for what you plan to spend daily.
  • Plan Ahead: Tours, attractions, and other activates can be things that book quickly or require a timeslot. Be sure to plan ahead and book all before your departure.
  • Start Early & Stay Flexible: Begin saving as soon as possible, stay adaptive to unexpected expenses, and prioritize experiences over material things. 

    With these tips, you'll be able to stash away cash for your trips and get the most out of your adventures without emptying your pockets.

College Savings Tips

Starting college is an exciting time, but it also comes with newfound responsibilities, especially when it comes to managing finances. Here are five quick tips to help you navigate your finances wisely and build good saving habits as you embark on this new chapter of your life

  • Budget Wisely: Create a monthly budget outlining expenses like tuition, books, food, and leisure activities. Stick to it as closely as possible to avoid overspending.
  • Avoid Impulse Buys: Think twice before making non-essential purchases. Ask yourself if you really need it or if it can wait. Impulse buys can quickly eat into your savings.
  • Look for Student Discounts: Take advantage of student discounts wherever possible, whether it's on textbooks, software, or entertainment. Every little bit saved adds up in the long run.
  • Cook at Home: Eating out can be expensive. Learn some basic cooking skills and prepare meals at home whenever you can. Not only is it cheaper, but it's also often healthier.
  • Utilize Campus Resources: Take advantage of resources offered by your college, such as the library for textbooks, free events for entertainment, and student health services. These can help you save money while still enjoying college life.

Remember, every saving counts, and these small steps can make a big difference in your financial well-being. Here's to a prosperous and fulfilling college experience

Who are you calling?

phones
Who is the first person you call with good news?
nora

"I am saving up for a new keyboard, my current keyboard is old and barely works I have to really smash down on keys to type. I work really hard at school and need to be able to use my keyboard to type and look things up on my computer. I have been working really hard at home on my chores so I am able to save up all my allowance money to buy a new keyboard. Learning to save has taught me now important it is to be able to get the things I want for myself"

Nora, 13 years old
teenage boy

"My friends and I are planning a trip to a big amusement park. Saving hasn't been easy, but every dollar I've set aside feels like a step closer to making unforgettable memories. I'm looking forward to finally experiencing the excitement and fun with my friends, knowing that my efforts to save up have paid off."

Matthew, 15 Years Old