FINANCIAL EDUCATION CENTER
Gesa Credit Union offers financial education with access to a broad range of value and cost-effective financial product and services. Organizing your finances can be challenging, especially if you are just starting out. Gesa gives you the tools and materials right at your fingertips, so you can be successful. Let us be your guide to your financial journey.
MARCH 2024
Do you have a rainy-day fund?
In today’s fast-moving world, many unforeseen things can happen—including events that cause unanticipated financial hardships. This can include emergency doctor’s visits or vet bills. Setting aside money for a rainy-day fund is vital for financial security and preparedness.Â
Unexpected expenses like auto repairs, medical issues, or a sudden job loss can happen at any time since life is unpredictable. A dedicated rainy-day fund offers a safety net, helping people get through hard times without taking out high-interest loans or collecting debt. In addition to reducing stress, this financial cushion promotes peace of mind. It allows people to fulfill their short-term financial needs without harming long-term objectives.Â
People can develop some durability and safeguard themselves against unforeseen obstacles by regularly setting aside a portion of their income for a rainy-day fund. This will ensure a more secure and stable financial future.
YOUR FINANCIAL JOURNEY STARTS HERE!
Let’s talk about banking basics. It is not a good idea to hide your money under a mattress, as it can be very risky. At some point you will need to secure your money either with a Bank or Credit Union. Both Banks and Credit Unions offer insurance coverage over your money, creating a safe and profitable way to take your first step in your financial journey. But make sure you do your research to find the financial institution that offers the right products and services for you.
Products and services are essential to managing your money. Banking institutions offer a variety of consumer needs. Checking accounts allow you to deposit and withdraw money for daily transactions. These accounts are also good for paying bills, purchasing items with your debit card., and depositing your payroll. Savings accounts allow you to withdraw and deposit money. However, they are not for everyday transactions. Savings accounts are good for earning a higher interest on your money, making larger deposits, and saving for something special. When looking into a financial institution, you will want to research monthly fees, minimum balance requirements, interest rates, and opening deposit requirements. You’ll also want to look into electronic services they offer in the event you need to access your accounts outside of a physical branch.
Gesa Credit Union is a not-for-profit financial co-operative. This means we share our profits with our members through higher interest rates on savings and lower rates on loans—ultimately earning our members more money in savings and saving them money on loans.
Gesa Credit Union also offers a unique variety of products and services. For example, currently, Gesa offers a Student Checking account for ages 14-18. This product empowers young members to have their own Savings and Checking accounts with a debit or ATM card. It is not common for financial institutions to allow a minor to have their own individual account. However, ours are designed to set students up for financial success as the student checking product is not eligible for overdraft protection. This feature is added to protect the member from consistently over drafting their account and accruing service charges. Additional features such as online banking empower the member to track their balances, pay bills and set transaction alerts.
Do you know a young person ready to learn the ins and outs to managing their money? Student Checking at Gesa is a great way to start out!
