by Elizabeth Furey ***SPONSORED POST
|Being independent in NYC can be tough –credit|
As a recent college graduate, I’ve been trying to find my way as an adult. Most of the time I feel like the “I have no idea what I’m doing” dog meme. There are just so many decisions to make, it’s easy to feel overwhelmed. Most of those decisions revolve around money, for better or for worse, especially in New York City –– the land of the expensive everything.
|It’s easy to feel this way in NYC, especially when money is involved. –credit|
New York forces you to be financially smart immediately. Every night out is an exercise in frugality –– going for broke may end with you actually broke, if you’re not careful. It’s important to figure out all the possibilities and what the repercussions of your financial actions can be. Even the extremely basic concept of where I should keep my money is a huge decision. What bank should I use? Big banks are ubiquitous, but are they the only option? Maybe I should go to a credit union? What is a credit union, and what are the advantages of using one?
|Banks in NYC are everywhere, but do I have other options?–credit|
Since decisions of this magnitude shouldn’t be taken lightly, I’ve done some research about credit unions. This is what I’ve found:
- Instead of being owned by corporate shareholders like banks are, credit unions are owned by the members who take advantage of their financial services.
- A credit union’s only purpose is to work for its members, so all the profits it makes go directly back to the members. Whereas the profits made in banks get distributed to the shareholders, and frequently leave the community.
- Loans from a credit union tend to have lower interest rates, while investments have higher interest returns.
- Credit unions stay involved in the communities they serve, offering financial literacy classes to members and funding infrastructure.
|Should the Wall Street bull impact your financial decisions? –credit|
While you may also be sorting out your life and transitioning into adulthood, or just considering different options at any age, you may want to consider the impact your money can have. Do you want to help out the one percenters, or neighbors on your level? There sure are plenty of one percenters here in New York, but maybe they don’t need our help.
When your money goes into a credit union, not only do you reap the benefits, but you could fund a college loan, first apartment, or first car, and send someone else on the journey to adulthood. You know firsthand all the help it takes to become a grown-up, so why not pay it forward?
This post is sponsored by Make Your Money Matter, in association with PSCU.