Member Newsletter -April 2025
The More You Know.
Knowledge is nothing without action put to it. At GKCU, we take great care in building firm foundations of knowledge regarding finances. Whether it is working one-on-one in the branches, finding online resources for personal use, or teaching a class at a local school or organization, we firmly believe the more you know, the more successful we ALL become.
April is National Financial Literacy Month. It is a great time to remind you of the importance of learning about your financial success. Our needs change throughout our lifetimes, so you must continually learn new ways to save and borrow. You must reevaluate your spending and savings goals to match the path you want to be on. You have to keep up with economic trends that affect your retirement options. And finally, you must stay mindful of changing technology to protect you from new scams and identity threats.
Then, as adults, we must share that knowledge with our youth. Teach them about the value of money and the pride in earning it. Encourage them to save and spend it wisely. Talk to them about smart borrowing and credit scores. The things they learn today will help them become independent, successful adults who will lead us in the future.
If you have questions, please visit our branches. Ask about resources like Credit Score for goal setting and credit management. Take advantage of all the products and services available to you. After all, we measure our success by your success today and your tomorrow. ~ GKCU
Keeping Score
In sports, we love to keep up with the score. Some are real nail bitters, while others are blow-outs. But, as we all know, the numbers on the scoreboard do not always tell you how the game was played.
Your credit score is a monetary reflection of your ability to pay financial obligations. The number, ranging from 300-850, tells lenders of your potential as a borrower. The higher the score, the more risk a lender is willing to take. We see a range of credit scores every day that help us determine applicable interest rates. But, like that scoreboard, your score does not always tell your story. You may have had debt as a first-time borrower. You may have gone through challenges like a divorce or job loss. Maybe you fell victim to a scam. Or perhaps you just made some mistakes and are trying to move forward to do better.
Keeping up with your credit score is important, but we also value your relationship with us. Factors such as debt-to-income ratio and account history can come into play. Co-borrowers can also help those trying to build or rebuild credit. Most important is communication, especially when you are experiencing changes. The more we know, the more we can help you shoot your game-winning shot!
The Next Generation of Savers
Our kids. We pass along many things to them: our traits and quirky habits, our sayings and stories, and even our cars. Shouldn't we also pass along what we have learned from our financial strategies?
April is also Youth Financial Literacy Month. Many credit unions across the country use this time to highlight the importance of sound financial practices and introduce affordable financial products and services to help this next generation of savers. In addition to our in-school kids' deposit days and in-class financial presentations, GKCU encourages families to take action and teach kids how it works in their homes, too.
The earlier you can start, the better. Even the youngest kids can understand needs vs. wants, the value of coins and bills, and the importance of returning when borrowed. Give your children jobs around the house to earn money and talk to them about safe places to save their money. Bring them to the credit union so they can meet our staff and know we are here, as their piggy bank, keeping their money until they need it. Discuss your own financial obligations, budgets, and goals with them so they can help you, too. Finally, give them their financial independence when they are ready.
The more you share, the more they will become financial achievers for their families someday.
Update in Progress: GKCU's conversion to a new operating system is moving forward quickly. Reminder: conversion begins at the close of business on Friday, May 30 and be offline until Monday, June 2 so before that weekend remember to: Get cash. Limit debit card usage. Print statements. Check balances.
Learning is success at GKCU: GKCU welcomed GHS Finance students to a tour at our Fraser branch; attended the Governmental Affairs conference in Washington DC; and, spoke to a local church group about saving for charitable giving. Add to it several career fairs and school sponsorships and it's a month we can be proud of.
