Keeping it in the family—why saving is important

February 6, 2015 | Dawn Virgilio

Which account is right for you?

Money management skills begin to develop early and evolve over time. I bet what you dreamed up saving money for as a child changed. Think about it: when will you ever have the chance to save up for your own game system, senior prom, first car or home ever again? These experiences are priceless, of course, but they didn’t happen on their own. You took the time to compare similar items not by just how they looked, but by their price-range, and considered how much you could save in order to make that final purchase to make your dream purchase(s) in a time-frame that felt right to you. That’s why it’s important to re-evaluate your budget every few years to gain a sense of where you’ve been, where you are now and where you want to be with your financial goals.

In fact, Mission Fed makes it easy to achieve your financial goals! We offer a variety of accounts to assist every age-range with their savings and expenses. Here are some ideas of what these accounts might be used for:

Youth - the first Savings Account needed for that special birthday money.
Teen - an mPower Checking Account for that first paycheck.
Parent - Checking and Savings Accounts to manage expenses and help manage a budget; also Certificates to save for the future.
Adult - IRA accounts to enjoy the rewards of and potential tax savings of paying yourself first.

We’ve put together an infographic with a Mission Fed family as an example of different accounts for different stages of life. Make sure to visit our Accounts page and come into a branch for more information. Saving is an important step in making your financial goals a reality, and we want you to be as well-prepared as this family is for any financial decision you make at any age.

Click the infographic below to view the enlarged version.

Mission Fed Family

“The Mission Fed Family”
Which account is right for you? Take a peek into this Mission Fed family’s accounts and see what other options are available for you!

mPower Checking
Teens who are 13-17 years old can have their own mPower Checking account without a parent/legal guardian if they have a valid government-issued ID. Becomes an Easy Checking when customer turns 18.

Checking
Choose between an Easy Checking or Smart Checking. Easy Checking is free with eStatements!

IRA
IRAs are available for Mission Fed customers under age 70 1/2 with earned income. Please consult your tax advisor.

Youth Savings
This is a joint account with the customer’s parent/legal guardian. It becomes a Standard Savings when the customer turns 18.

Certificate
Guaranteed interest rate and flexibility to choose terms to fit the customer's savings needs.

Federally insured by NCUA.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided

Dawn Virgilio

Dawn Virgilio

Dawn Virgilio is VP Financial Planning & Analysis at Mission Federal Credit Union. She has enjoyed a long career working for financial institutions, the majority of that time (25 years) dedicated to credit unions. She really likes numbers, especially when they add up and multiply.

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