Fall 2007
Thank you for the more than 100 entries for our newsletter naming competition. With so many great entries, it was a hard decision. Congratulations to Kaitlin Brennan of Richmond on her winning entry!
Understanding your credit report
A credit report is made up of 4 basic parts:
- Identifying information – is who you are. Look closely to make sure this information is correct.
- Credit history – is the accounts you have had, who they were with, when they were opened and what kind of accounts they are. It includes other details about the accounts too.
- Public records – you want this to be blank! It lists financial problems such as bankruptcies, judgments and tax liens. These will trash your credit report.
- Inquiries – this is a list of companies who asked to see your credit report.
Find out more about about your credit reports.
When you turn 18, visit AnnualCreditReport.com to get a free copy of your credit report once a year.
Investing 101
What is investing? Investing is when you commit your money to something and expect it to grow. Be aware that some types of investments are not guaranteed and could also lose money.
Here are three common ways to invest:
- Stocks represent ownership in a company. When you buy stock in a company you own a part of their assets and profits.
- Bonds allow you to lend money to a company or government. In return you should earn interest on that money.
- Mutual Funds are collections of stocks and bonds that allow you to pool your money with other investors. Professionals are paid to manage these funds.
There are many ways to invest your money. Just be aware risk is always a part of investing. Check out our resources for teens and find out more.
Here are our top picks for travel that’s easy, inexpensive and fun.
- The Beach – Virginia Beach or Sandbridge
- “The Mall” – Washington, D.C.
- Crabtree Falls – Nelson County
- The James River – choose from different places along the river for rafting & tubing
- Smith Mountain Lake State Park – Huddleston, Virginia
Visit the Virginia Tourism web site for other great activities and
attractions around the Commonwealth.
:
“Budgeting for Teens” seminar
Want to meet with other credit union members your age to find out more about budgeting and get free pizza?
Join us for a short session that can really save you money.
Feel free to bring your parents if you want!
You can register online!
Budgeting for Teens
Wednesday, September 12
VACU @ Boulders Office Park
6:30 – 8:00 p.m.
Has your wallet sprung a leak?
Even when you try to be a careful spender, it can seem like you never have enough money. Take a look at some common financial drains to see if there are things that could stop the leak in your wallet.
Food and Drinks – Food and drinks can really cost you. You can save by packing lunch a couple times a week, and watching for “free appetizer” or “buy one get one free” coupons. Try to limit your food and drink purchases.
MP3 Downloads – Sure, they’re cheaper than buying a whole CD, but it’s easy to get carried away. Be picky about what you download — you won’t waste money or space on your iPod.
ATM Fees – Always hitting the ATM machine for more cash? See the ATM article for ways to save!
Clothes/Shopping – We all want to look great, and there are definitely affordable ways to do it. Keep an eye out for sales and check out discount retailers. If you’re going to splurge, try to do it on something you’ll use or wear often to make it worth the expense.
Cell Phone Minutes/Text Messaging – These can really add up! Try to limit your time on the phone. If possible, use your home phone or visit your friends if you can. Otherwise, make sure you’re on the best plan for your talking/texting habits.
What do you want
to read about?
Send in your ideas for
Pocket Change articles and
be entered to win $50!
E-mail: memsvc@vacu.org
Mail: Pocket Change Article Ideas
P.O. Box 90010
Richmond, VA 23225
If you want to know more about any of the topics in this newsletter, we’re here to help with helpful resources for young members.
Whether you want to get started saving, find out more about your credit or buy a car, we’ve got the information you need.
Get a SuperCheck debit card – with a checking account you can get a VACU SuperCheck card. It allows you 4 checking withdrawals each month, free of VACU fees from someone else’s ATMs. (The ATM owner could charge you though.)
Look for VACU or Wawa® ATMs – you won’t pay any ATM fees when you use VACU ATMs or ATMs with the VACU logo at Wawa.
Get cash back when you shop – if you have a debit card you can enter your PIN at many retailers and get cash back with no fees when you make a purchase.
Our Education & Resources section has more tips for avoiding fees.
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