However, what better time to educate myself than the present, correct?
Especially since I'm moving in exactly 10 days, and I'll be switching banks at some point in the near future, it's the perfect time for me to evaluate where I'm putting my money.
I never thought there were other options beyond banks. Maybe it was because I lived next door to one that was several stories high growing up, and it was what my family always used. It was simply what you did. Which means, in my mind, putting my money somewhere else sounds like a big scary thing.
I hopped on over to the Make Your Money Matter website (http://makeyourmoneymatter.org/) and did some research. (All information I'm about to share with you is from their site.)
With a credit union you still have a checking account, can receive loans, have a credit/debit card, use ATMS, etc. just like you would with a bank. Although credit unions tend to have lower fees- which is always a plus in my book.
The biggest difference is that instead of shareholders owning the bank and getting your deposits, all of the credit union members are the owners. Which means, all of the money goes back to the people who put their money into it. It stays in the community.
That is what makes credit unions awesome - at least in my humble opinion. It's not just putting money back into the pockets of the big shots. It's going back to the people in your own community the way it would if you spent your money at a local business. The money goes back to business, community groups, projects, residential areas, etc. Credit unions help to take care of people.
Which, that's what it's all about, isn't it?
We are always talking about change. How we want to make a difference. Making the world a better place. But I feel like a lot of times we think about the big organizations and having this large explosion to make everything better. (Which doesn't even make sense.) But, that's not how it works.
Making a difference is all about people and doing small things that make a big difference. Supporting local groups. Being kind to the people around you. Being purposeful in how you live your life. Making smart life choices. In this case, making your money matter.
Because your money does matter. We don't always realize how much it matters, especially when you're a college graduate who is still trying to figure out the whole financial independence thing, but it does. We can start educating ourselves and learning where our money goes. We can learn how to spend it and where we put it. We can choose how our money is being used.
Maybe this means a credit union is for you. Maybe it means you'll shop more locally. Maybe you'll give to more charities. I don't know what it'll mean for you.
But you can make a difference and make what you do and what you spend matter.
To learn more, check out http://makeyourmoneymatter.org/
This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own.
large banks can go fuck themselves for all i care. the ONLY reason why i use a large bank is because other companies hate getting cash. but whatever. i only keep the minimum in my bank; the rest goes to a high-interest savings account and investments because i want my money to work for ME! that's the cheap chinawoman in me talking :)
ReplyDelete-kathy
Vodka and Soda
I actually didn't know the difference between credit union and banks either, this was very informative! Much love, Jess.
ReplyDeleteI'm glad you did this research since your grandparents started a credit union and managed the credit union for the factory workers at Warner Gear. We just never lived close enough to use it much.
ReplyDeleteWe belong to a credit union, and I can't image we'd ever change. If we do just a few things each month (have our paychecks direct deposited, use our debit card 12 times), we get a 3% interest on our checking account, which is just about unheard of. I love it.
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