At you enter your teen years, you may start working part-time. Getting your first job can be exciting—receiving a paycheck for your hard-earned work is very rewarding. Because you may be receiving a regular income, you should shift from the idea of saving for short-term goals (e.g. frozen yogurt splurges) to more long-term goals (e.g. mobile devices). The best way to do this is to open a savings account and SAVE, SAVE, SAVE. Set aside a portion of your paycheck in your account—and don’t touch it. This allows you to reap the benefits of compounding interest, when you earn dividends on the combined amount of your current and past savings. Check out our financial calculators
and learn how you can achieve your goals!
A Lafayette Federal Savings Account is the perfect way to watch your money work for you. With as little as $50 to open and a competitive dividend rate, your hard-earned funds will continue to grow over time! Dividends are paid out each quarter and deposited in your account. Also, deposits for any amount can be made at any time. Get started on growing your money today! Learn more and open an account
And, don’t forget about our Scholarship Program
for college bound credit union members! If you’re a Lafayette Federal member and entering your freshman through senior year of college or trade school, you’re eligible to apply!