Youth Learn Life Lessons with Mad City Money

For most kids, money management and strategic financing happens during a game of Monopoly or stretching the $20 their parents gave them to spend at the mall. Since 2008, Fairmont Federal Credit Union has been visiting local high schools to provide a crash-course for students on the up’s, down’s, and unexpected events of real-life finances, in a safe, fun environment. The program has reached over 1,700 students and the reactions are always eye-opening.

With the life-simulating game  “Mad City Money,” students are “transported” to the future with their fellow classmates and, much like real-life, randomly given a life-situation. Some students have just graduated college. Some are married with children while others are single parents. All have bills to pay. Some have credit card debt, others have medical bills, while others must make payments on student loans.

For the next three hours, students must build a budget based on their financial situation, select necessities like housing, food, childcare, and clothing through nine different merchants. All transactions are paid through a debit card and budgets must be regularly balanced, all while navigating the financial pits and peaks typical of real-life. The “Fickle Finger of Fate” falls upon many students, introducing sudden, and unexpected financial setbacks students must address and overcome.

Following this simulation, student’s reactions were of surprise and new-found appreciation for money management. One lesson the students said they learned was the importance of saving and having backup plans, with one student saying,”you should save for emergencies.” Another concept students recognized was the importance of knowing the difference between wants and needs. One student said, “you should make wiser choices by getting what you need first, and then if you have money left over you can buy things you want.”

Finally, many students expressed respect for the financial responsibilities their parents face. “I have a new appreciation for what my parents do now,” said one student while another simply stated, “I don’t like being an adult.”

In March alone, Fairmont FCU reached nearly 200 students through the Mad City Money simulation, providing an opportunity to learn important lessons on responsible financial management and planning. With nine locations across West Virginia, Fairmont FCU is a non-for-profit financial organization that is owned and operated by our members. We offer a range of banking services including checking and savings, online and mobile banking, direct deposits, personal loans, business loans, mortgage loans, and more.

To find a Fairmont Federal Credit Union near you, visit www.fairmontfcu.com or give us a call at 304-363-5320 for more information.

Eight Reasons to Love a Credit Union

Being a part of a credit union has many benefits over large for-profit financial institutions. Credit unions are not-for-profit organizations that offer financial services to individuals who are eligible for membership. Membership provides an ownership share in the credit union and as such the member has control over the business practices of the organization. One similarity between a credit union and a bank is the fact that federal credit unions, like Fairmont Federal Credit Union (FFCU), are insured by NCUA’s National Credit Union Share Insurance Fund, which is comparable to FDIC’s Deposit Insurance Fund.

Perhaps you are wondering why people love credit unions so much. Here are seven reasons to consider.

1. Lifetime membership – Once an applicant meets the membership requirements for the credit union, they will always be a member. At FFCU, membership is open to individuals who live, work, worship, volunteer, goes to school or businesses in the West Virginia counties of Marion, Monongalia, Harrison or Taylor; or are employees of Valley HeathCare in Preston county.”
2. 24/7 account access – Access your account at over 55,000 surcharge-free ATM machines.
3. Electronic Banking – Mobile and online banking allows instant access to funds and account information from anywhere in the world.
4. Low or no fees – Depending upon the account you choose, credit union members enjoy considerably lower fees than those who have traditional bank accounts.
5. Family benefits – Immediate family members, including a spouse, parent, child, sibling grandparent or grandchild are qualified to join the FFCU even if the eligible family member chooses not to join.
6.  eStatements – Get your account transactions sent to your email account instead of waiting for a paper statement.
7. People first – Because credit unions are part of the communities in which they operate, they are more connected to the needs of the community, often taking time to reach out to underserved populations.
8. Discounts for other retailers – As a credit union member, one of unique benefits includes enrollment at lovemycreditunion.org. This rewards program offers credit union members valuable discounts to a variety of local and national retailers.

At Fairmont Federal Credit Union, our goal is to provide our members with valuable financial services that offer rewards based on membership. Each of our members are a valuable part of our credit union community. Contact us for more information on credit union membership as well as our reasonable lending and account products.