Benefits of Joining A Credit Union in your Twenties

Published on February 21st, 2019

You may not know it, but the financial decisions that that you make as you’re entering your Twenties can be pivotal for your long term financial success.  While the right choices can put you on firm financial ground for the years to come, the wrong choices can set you down the path of hardship, high rates, and life-long struggles with money.  In Franklin Park, there is a financial institution that can help you get on the right path.  That financial institution is Leyden Credit Union.  As with all credit unions, you’ll first have to open up a savings account, which makes you a member/owner.  That gives you access to all the features that Leyden Credit Union has to offer.

Open a Checking Account

Once you because a member you can start realizing the savings benefits of credit union membership by opening a Checking Account.  If you open your Checking account before you turn 22, you can get into the New Beginnings Account that is a Free Checking until you turn 25.  The account comes with a free debit card, mobile banking, and bill pay.  If you’re too late to get into the New Beginnings program, you may still qualify for free checking with a small monthly direct deposit of $300 or more.

Start Saving for Retirement

The most beneficial and financially powerful thing that you have going for you when you’re in your twenties is time.  The sooner that you can start putting money away in a retirement account the better.  Whether you choose a Traditional or Roth IRA, start making annual deposits into this account and let the account grow over time.  If you take one thing from this blog post, is to google and read up on the “Time Value of Money” and learn the concept.

Establish Credit

How can you get credit, if you don’t have any credit?  Start with a small personal or secured loan.  Make your monthly payments on time and don’t pay the loan off early.  If you have no credit, you may have to start with a savings secured loan just to get yourself started.  Ask for $500 or $1000 and look to pay it off over six or twelve months respectively.  As you’re making your timely payments on your loan, you’re going to be opening yourself up to other creditors that are going to want to give you credit.  Be cautious on which offers you choose to accept and don’t fall into the trap of opening a bunch of new credit, charging up balances and only making the minimum payments on your new debt.

Once you’ve successfully paid off your loan with Leyden Credit Union, there is a great chance that you will qualify for a Leyden Credit Union Visa.  The LCU Visa is going to compare favorably to the other credit card offers that you’re going to receive when you look at the rates and corresponding fees.

If you are entering the world of handling your own finances and are unsure who to go to for assistance in the Franklin Park area, stop by Leyden Credit Union and let us help you get started on the road to financial success.

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