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Message from the President - Saving Early is Key to Financial Success

Dear Member,

Understanding how to save money, develop and maintain a budget, and make wise borrowing decisions doesn’t just happen on its own; it takes a lifetime of learning. In the early years, children may not fully grasp the concept of money or how credit works but over time they begin to learn by watching those closest to them. They observe how their parents earn a living, make purchases with their debit and credit cards, and withdraw cash at the ATM.  These early experiences begin to shape their views about money and can have a profound effect on their life-long financial success. Long-term healthy money habits begin to develop in childhood, as early as preschool.* Something as simple as opening a savings account and encouraging them to deposit their birthday money and allowance can teach them the significance of saving at an early age.

As your financial partner, we are here to help as you guide your children through the important stages of life. From opening their “first” savings account to saving for college, we have everything they need to get started.  With competitive rates, low fees, and online and mobile account access, your children can literally watch their savings grow. As a UECU member, you also have access to college savings accounts with Utilities Employees Investment Services (UEIS).** As the cost of a college education continues to skyrocket, it’s more important than ever to start saving when your children are very young. The UEIS Investment Services team can explain the benefits of a 529 College Savings Plan and how you can help maximize your savings. When it comes time to borrow, our Student Choice Loan Program provides affordable private student loan options for undergraduate students and consolidation loans for after graduation. Taking advantage of scholarships and financial aid, as well as utilizing college savings vehicles and low-cost student loans will help them start off adulthood with less debt, putting them on the right financial track.   

As your children grow, our My First UECU program provides them with the essential financial tools they will need to develop healthy money habits – free checking accounts, fee-free debit card, ATM surcharge rebates, free online banking, mobile banking, and bill pay. And when they are ready for their first credit card, auto loan, or personal loan, we provide them with no co-signer borrowing options so they can get what they need and begin building their credit. But most importantly, we are here for you and your children. When you need assistance or just have a question, we’re here to help. Our staff enjoys serving you and your family, and they love hearing about your success. Please continue to tell us about your experiences with UECU; whether it’s a card, a phone call, or an email, we look forward to receiving your feedback.

Bret Krevolin

*Youth Personal Finance Pedagogy (2016) – Consumer Financial Protection Bureau

**Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency. Before investing in a 529 plan, investors should carefully consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 plan.