MAFCU for Families
Save with MAFCU’s Back-to-School Club
This club account will run each year from August through July. Members can open this club account any time, and funds will be automatically transferred to their main share account on the first business day of August. This account earns interest at the same rate as other MAFCU club accounts, and early withdrawal fees apply.
Money Management 101
MAFCU wants to help parents and kids learn how to make smart financial choices. Here are some tips for learning how to save and spend wisely.
Be Aware of Your Expenses
Most of us are not aware of how much money we spend on small purchases. Buying a cup of coffee, a snack or a can of soda every day can add up to more money than you realize. By helping your child pay attention to each purchase, you can help him learn how to make better decisions about where, when, and how to spend.
Save Right Away
Encourage your child to save a portion — maybe ten percent — of money earned from a job or received as a gift. Establishing a savings account lets your child put aside money on a regular basis and can be readily available when needed.
Wait Before Buying
It is a good idea not to buy on impulse. Let your child know that when he or she takes the time to think before buying, a better decision can be made as to whether or not the purchase is really needed. This will also allow time to shop around for the best price available.
Watch for Sales
Help your child look for sales when he or she decides to make a purchase. Newspapers are a great source of money-saving coupons, advertising inserts, and information about sales; look also for direct mail special offers, or online promotions.
Be Disciplined
Learning spending habits takes practice. You can teach your child to think about and then write down, a money management plan, or budget, and make sure it is set up so that your child can stick to it. For instance, instead of buying a soda or candy every day, encourage your child to buy it only a few times a week. That way he or she can still enjoy a treat while spending wisely.
Kids Are MAFCU Members Too!
MAFCU will be introducing updated Kids Clubs soon. Stay tuned for details.
Learn Young, Earn More
Aaron Ravenel is one of the Credit Union’s youngest members. His mother Tyeshia Ravenel, Partners HealthCare employee, opened his MAFCU Kids Club account for him when he was only three years old. Ravenel is a long-time MAFCU member, and wanted her son to learn about money from an early age. “I opened his account for him when the Kids Clubs were first offered,” she says. “I thought it would be a good way for him to save money.” Aaron loves to come to the Credit Union, and he even deposits his own money. “He’s always asking, ‘When are we going to the Credit Union?’” says his mother. “It’s exciting for him to come to MAFCU. He knows all about making transactions, and he loves getting receipts.” “Learning to save and spend wisely at a young age can help develop the skills necessary to make smart financial decisions throughout life,” says Paula Kerwin, MAFCU Marketing Coordinator.
MAFCU Para Toda La Familia
Silvana Cabrera, ayudante de enfermería en el Brigham and Women’s Hospital, se afilió a Medical Area Federal Credit Union en 1992 y su esposo, Plinio Cabrera, que se desempeña como coordinador en el departamento de radiología del Massachussets General Hospital, se unió a MAFCU como miembro de familia en 1999. La hermana de Silvana también está afiliada a MAFCU. La familia Cabrera ha utilizado los servicios de MAFCU en repetidas ocasiones para obtener préstamos respaldados por capital inmobiliario, préstamos para autos y un préstamo personal.
Años atrás, cuando se vieron en dificultades económicas, se acercaron a MAFCU en busca de ayuda para restablecer su crédito y consiguieron una segunda oportunidad para lograr estabilidad financiera. “Realmente estamos muy agradecidos por la ayuda que nos brindó MAFCU. Hoy en día nos encontramos en una buena situación económica y hemos recuperado nuestro crédito,” comenta Plinio. “Credit Union ofrece todos los servicios que necesitamos y, al mismo tiempo, es lo suficientemente pequeña como para hacernos sentir como en casa. Es muy gratificante trabajar con el personal de MAFCU, poder explicarles nuestra situación financiera y conseguir ayuda para resolver dificultades.”
Plinio y Silvana van a MAFCU todas las semanas, pues prefieren realizar sus transacciones financieras en persona. Silvana asegura que es otro beneficio más poder hablar en español con el personal de MAFCU. “Estoy tan contenta de tener la oportunidad de utilizar los servicios de Credit Union”, explica Silvana. “Los empleados nos conocen y confiamos en ellos. Nos han ayudado siempre que lo hemos necesitado.”