Online Banking

<img alt="" src="/images/default-source/blog-article-images/tipsforcollegegrads-blog.png?sfvrsn=aae228c5_1" sf-size="100" /><p>Graduating from college is an exciting milestone that also comes with new financial responsibilities. After living on a college budget, receiving your first real paycheck from a post-graduate job may feel like having more money than you know how to manage. Developing smart money habits now can set you up for long-term success.&nbsp;</p><p>Here are 10 tips for managing your finances after graduation.</p><h3>1. Open the Right Bank Accounts&nbsp;</h3><p>Start with a checking and savings account from Metro Credit Union to manage your money effectively.</p><h4><a target="_blank" href="/accounts/checking-accounts">Checking Accounts</a></h4><p style="margin-left:30px;">Choose our easy, no cost checking account to get started, or opt for one with all the bells and whistles if you&rsquo;re interested in earning monthly interest or enjoying perks like free BillPay and cashier&rsquo;s checks. Either way, every account at Metro allows you to manage your finances on the go with <a target="_blank" href="/services/online-banking">online banking</a> and our mobile app.</p><h4><a target="_blank" href="/accounts/savings-accounts">Savings Accounts</a></h4><p style="margin-left:30px;">With just a $5 deposit, you become a Metro member, gaining access to all our products and services, including a variety of savings accounts federally insured by the NCUA.</p><h3>2. Create a Realistic Budget</h3><p>Budgeting builds financial stability. To make budgeting easier, use <a href="https://save-and-succeed.metrofcu.org/budget" target="_blank" data-sf-ec-immutable="">Save &amp; Succeed&rsquo;s budgeting tool</a> to list your income and expenses like rent, groceries, transportation and bills. The tool will show you what you have left and allow you to plan for specific savings goals, like a downpayment on a car or an emergency fund.</p><p>A clear budget helps you meet financial obligations, achieve your goals and avoid overspending.</p><h3>3. Automate Your Savings</h3><p>Set up direct deposit to automatically send a portion of your paycheck into your savings account. This simple step helps you save effortlessly and build financial security over time.</p><h3>4. Track Your Expenses</h3><p>Keep tabs on every expense, no matter how small. Knowing where your money goes helps you stay on track and shows where you can cut back to save. <a target="_blank" href="/services/online-banking">Download</a> the Metro Credit Union mobile app to access digital banking tools that make tracking expenses and managing money simple and convenient.</p><h3>5. Avoid Impulse Purchases</h3><p>Before you buy something, ask yourself if it&rsquo;s a want or a need. Waiting 24 hours before making a purchase can prevent unnecessary &ldquo;impulse buys&rdquo; and help you stay on budget.</p><h3>6. Build an Emergency Fund</h3><p>Unexpected expenses happen, like car repairs, medical bills, or job transitions. Try to save at least three to six months&rsquo; worth of expenses to cover emergencies without relying on credit cards.</p><h3>7. Set Financial Goals</h3><p>Decide what you want to achieve financially. Whether it&rsquo;s paying off student loans, saving for a car, or planning for travel, clear goals keep you motivated and focused. Open a high-yield account like a <a target="_blank" href="/accounts/money-market">Money Market</a> or <a target="_blank" href="/accounts/certificates">Certificate</a> for competitive rates to increase your savings.</p><h3>8. Start Building Your Credit Score</h3><p>A good credit score opens doors to lower interest rates and better financial opportunities. Pay bills on time, keep credit balances low, and avoid opening too many accounts at once. Each quarter, we provide our members with updates on their FICO&reg; Score, which you can access in <a href="https://my.metrofcu.org/Authentication?ReturnUrl=FicoScore" target="_blank" data-sf-ec-immutable="">online banking</a> under the tools section.&nbsp;</p><h3>9. Use Credit Cards Wisely</h3><p>Credit cards can be helpful but only if used responsibly. Make payments on time each month to keep your balance in check. Spend within your means to build a strong credit history.</p><h3>10. Get Financial Guidance</h3><p>You don&rsquo;t have to navigate your finances alone. Metro Credit Union provides resources like <a href="https://save-and-succeed.metrofcu.org/login" target="_blank" data-sf-ec-immutable="">Save and Succeed</a>, the credit union&rsquo;s personal finance program. Access <a target="_blank" href="/resources/financial-calculators">financial calculators</a>, <a target="_blank" href="/resources/blog">blogs</a>, and a variety of other <a target="_blank" href="/resources/member-education">member education</a> tools. Empower yourself with financial knowledge to make informed decisions.</p><hr />Starting strong financially after college is possible with the right habits and support. Metro Credit Union is here to help you make smart decisions no matter where you are financially. Visit our <a target="_blank" href="/home">website</a> today to learn more about how we can support your financial journey!<p>&nbsp;</p>

<h2>Tips for Parents</h2><p><img src="/images/default-source/blog-article-images/kidsmoneymgmt-blogimage36d8470b-06a2-4389-9a70-c6ae4518d3d7.png?sfvrsn=5ee4cd55_1" sf-size="1796086" alt="" /></p><p>Teaching children about money is an essential life skill and a fundamental aspect of their education. Parents often play a significant role in shaping their children&rsquo;s financial habits and attitudes, helping them avoid future debt and struggles later in life. As young people grow and mature, their understanding can be expanded and adapted to match their evolving financial responsibilities.</p><p>However, some parents may feel unqualified teaching their kids about money management.&nbsp; The good news is they don&rsquo;t need to be experts and offering basic guidance can make a difference.&nbsp; Here are tips to help parents teach kids about money management effectively:</p><h3>Start Early</h3><p>Introduce the concept of money and its value early on. Use everyday situations, like shopping trips, to explain basic concepts such as spending, saving, and budgeting.</p><h3>Show the Money</h3><p>With cashless payments being the norm, children may see cards as &ldquo;magic money.&rdquo; Using real currency helps them grasp its value, recognize different bills and coins, and understand the concept of exchange.</p><h3>Teach by Example</h3><p>Children learn by observing their parents&rsquo; behaviors. Show responsible money management habits such as budgeting, saving for goals, and avoiding impulse purchases.</p><h3>Use Allowances Wisely</h3><p>Consider giving children a weekly or monthly allowance to teach money management, encouraging saving, spending wisely, and even donating. While some families link allowance to chores to show that money isn&rsquo;t free (No chores, no allowance), others prefer a hybrid approach which is providing spending money not tied to specific tasks.</p><h3>Create Savings Goals</h3><p>Help your kids set achievable savings goals, whether it's for a toy, video game, or a future college fund. This teaches them the importance of delayed gratification and planning.</p><h3>Involve Them in Budgeting</h3><p>Include kids in family budget discussions. Discuss the difference between &ldquo;wants&rdquo; and &ldquo;needs.&rdquo;&nbsp;Let them understand the costs of household expenses and family necessities like groceries, utilities, and entertainment. This gives them a sense of financial responsibility.</p><h3>Encourage Entrepreneurship</h3><p>Support your children to explore entrepreneurial interests to earn extra money, like a lemonade stand, offering to walk neighbors' dogs, or selling handmade crafts. This teaches them about earning income, managing expenses, creativity and rewards of hard work.</p><h3>Use Technology Tools</h3><p>Utilize age-appropriate apps and online tools designed to teach kids about financial literacy. Make learning about finances interactive and engaging.</p><h3>Discuss Financial Values</h3><p>Have open conversations about the importance of financial values such as honesty, integrity, and responsible spending. Teach kids about the consequences of overspending, debt, and financial mistakes.<hr />Teaching kids about money management requires patience, consistency, and positive reinforcement as an ongoing process. Implementing these tips helps parents guide their children in developing essential money management skills and building a solid financial foundation for the future. Start teaching your kids about money today with Metro Credit Union as your trusted financial partner.</p><p>&nbsp;</p><p>&nbsp;</p>

<p>A Home Equity Line of Credit (HELOC) is a great way to access funds using the equity in your home. Metro Credit Union offers HELOCs for up to 90% of your home&rsquo;s value. You can use it for home renovations, a dream wedding, debt consolidation, and more.</p><p>When applying for a HELOC, you&rsquo;ll need to decide whether you want a rate that can periodically increase or decrease during the loan term or a rate that remains fixed. Understanding the differences between a variable rate HELOC and a fixed rate HELOC can help you choose the option that best fits your needs.</p><h3>What is a Fixed Rate HELOC?</h3><p>A fixed rate HELOC allows you to lock in an interest rate for the duration of your credit line. While your monthly payments may vary based on your outstanding balance, the interest rate remains the same. This means you can borrow funds as needed at the same fixed rate throughout the draw period. Fixed rate HELOCs are ideal for those who:</p><ul><li>Prefer predictable monthly payments</li><li>Want protection against rising interest rates</li><li>Plan to borrow a large sum and repay it over time</li><li>Need long-term financial flexibility without rate fluctuations</li></ul><h3>What is a Variable Rate HELOC?</h3><p>A variable rate HELOC has no locked rates, which means an interest rate that fluctuates based on market conditions. This can cause your monthly payments to go up or down depending on interest rate changes. Metro&rsquo;s variable rate HELOC has a 12-month introductory rate, after which the rate becomes variable. A variable rate HELOC may be a good fit if you:</p><ul><li>Are comfortable with some level of uncertainty in your payments</li><li>Expect interest rates to remain steady or decline</li><li>Plan to borrow and repay funds quickly</li></ul><h3>How to Choose the Right HELOC for You</h3><p>Consider the following when deciding between a fixed or variable HELOC:</p><h4>Do you prefer stability? </h4><p>A fixed rate HELOC is ideal if you want consistent payments and protection from rising interest rates. </p><h4>Are you comfortable with fluctuations?</h4><p>A variable rate HELOC might be suitable if you're comfortable with potential rate changes and want to take advantage of lower initial rates.</p><h4>How long will you keep the loan?</h4><p>If you plan to repay the loan quickly, a variable rate could save you money in the short term.</p><h4>What are your financial goals?</h4><p>If you're funding a large, long-term project, a fixed rate HELOC may be preferable. For short-term or occasional borrowing, a variable rate HELOC might be more beneficial.</p><p>&nbsp;</p><hr /><p>&nbsp;</p><h3>Which One Is Right for You?</h3><p>Both fixed and variable HELOCs offer unique advantages. The best choice depends on your financial situation, risk tolerance, and borrowing needs. If you're unsure which option is right for you, Metro Credit Union can help you explore your options and find the best fit for your financial goals. Visit our <a target="_blank" href="/home">website </a>or contact a member of our <a target="_blank" href="/loans/heloc">Mortgage Team</a> today to learn more and make an informed decision that works for you!</p><h3></h3>