MAD CITY MONEY
We enjoyed having the
opportunity to teach local
teens about personal finance,
and we hope the participants
will apply these lessons in their
adult lives to help them achieve
financial success!
On July 8, First Commonwealth had a great morning presenting a Mad City Money personal financial
workshop to the students of the Easton Employability Experience at Shiloh Baptist Church. This grant
program is a joint effort between Easton Area High School, Easton Area School District, Penn State
Lehigh Valley, Workforce Development Board and Promise Neighborhoods of the Lehigh Valley.
As part of the Mad City Money presentation, teens took part in a hands-on simulation in which they
were assigned an occupation, salary, spouse, student loan debt, credit card debt and medical
insurance payments. They then had to purchase housing, transportation, food, clothing, household
necessities, day care and other items – an experience that helped them understand real world
expenses and how to prioritize wants and needs. In addition, the teens learned how to write
checks and fill out a check register.
7 THE COMMONWEALTH  November 2016
VISIONS  Ages 13 - 17
Are You Financially Literate?
According to research, financial literacy among
U.S. high schoolers is currently at a historic low
(thefinancialbrand.com). But there’s good news: You
can buck the trend by taking an interest in finances
now! Here are some topics that a publication called
the National Standards in K-12 Personal Finance
Education recommends you be knowledgeable
about (jumpstart.org):
• Spending and saving – This is a pretty simple
topic that you began to understand as a
preschooler, when you received money in birthday
cards. On another level though, this topic includes
creating a budget, keeping financial records and
using various payment methods.
• Risk management and insurance – When you’re
ready to drive, you’ll certainly have to learn a little
about car insurance. But adults also have to think
about insurance for health, life, home and
sometimes other concerns.
• Financial decision-making – Managing finances
well is a large responsibility, but there are many
resources available to help you. Along with your
parents, you can turn to First Commonwealth
and reliable websites for additional guidance
and information.
Sources:
thefinancialbrand.com/32266/financial-literacy-dollars-and-sense
www.jumpstart.org/national-standards.html
• Credit and debt – Credit cards may look magical
in movies, but there’s more to the story. Many
people create trouble for themselves when
they use credit to achieve a lifestyle they can’t
really afford. It’s important to develop strategies
to control and manage credit and debt.
• Employment and income – Your first job is an
exciting milestone in life! Now is a great time
to begin exploring future career options.
• Investing – Let your money make you more
money! Ask your parents sometime about
their investments; they probably have
something in place to save for retirement.
Tips for Choosing a College
That Fits Your Budget
College may still be a few years away, but it’s
never too early to start planning for your future.
If you’re like most students, you will probably
take price into consideration when deciding
where to continue your education. Here are
three cost-related factors to keep in mind:
1. Distance from home: The cost of plane
rides can really add up. So if you plan to
visit home every so often, a school within
driving distance may help you save money.
2. Urban vs. rural: Attending college in a large
city can be exciting – but the cost of area
restaurants and attractions could drain
your wallet. Schools in rural areas may have
fewer entertainment options, but what they
do offer will likely cost less.
3. Price inclusions: Make sure you understand
everything that is (or is not) included in
the prices you will pay for different things.
For instance: Does your tuition payment
include free access to all events on campus?
Does your boarding fee include free laundry?
It’s best to know this information ahead of
time so you’re not surprised with unexpected
fees as a student!
November 2016  THE COMMONWEALTH 8
i$AVE  Ages 9 - 12
10 EVERYDAY
WAYS TO PRACTICE
FINANCIAL
MANAGEMENT
Learning how to manage money and handle financial
transactions doesn’t have to be a complicated
process. In fact, we’ve put together 10 simple ways
for you to learn about money during your family’s
everyday activities! Check it out:
1. Help calculate the tip at a restaurant.
2. Pay the cashier for an item at the
convenience store.
3. Play store with your siblings at home and use
fake money and empty containers.
4. Help clip coupons.
5. Watch your parents write out a check and ask
for an explanation of how it’s done.
6. Ask your mom to loan you money at a store
and then pay her back with interest at home.
(You may also want to ask her what the italicized
words mean.)
7. At the grocery store, talk with your parents
about the different prices for different brands
of the same item, and ask how they decide
which one to purchase.
8. Practice making change by removing coins
from your piggy bank or wallet at home and
asking your parents if you can exchange a
dollar’s worth of your coins for one of their
paper dollars.
9. Give some of your change the next time you
come across a Salvation Army kettle or another
local charity.
10. Deposit some of your money from an allowance
or birthday cards into your savings account at
the credit union, and learn to write out the
deposit slip by yourself.
Common Money Phrases
and Their Meanings
The English language is filled with different
phrases about money. For instance, you’ve
probably heard the saying “money doesn’t
grow on trees” a time or two. Or maybe
you’ve even heard your parents tell you
they “aren’t made of money” after you’ve
begged them for cash one too many times.
To discover the meanings of these and
other common money phrases, check out
the list below!
Phrase: Money doesn’t grow on trees.
Meaning: It isn’t easy to get money.
Phrase: I’m not made of money!
Meaning: I don’t have an endless supply
of cash.
Phrase: Time is money.
Meaning: Time is valuable and shouldn’t
be wasted.
Phrase: A fool and his money are soon parted.
Meaning: A foolish person spends money
quickly and carelessly.
Phrase: Money talks.
Meaning: Money is influential; it has the
power to affect when or how
something is done.
Source:
www.idioms.thefreedictionary.com
9 THE COMMONWEALTH  November 2016
DOLLAR DOG  Children Through Age 8
FUN FOR FREE!
Did you know that some fun places that children
like to visit are free, and some require money?
Your parents think about the cost of visiting a place
when deciding whether to go. Let’s see how much
you know about how much things cost! As someone
reads you the list of places on the right, see if you
can figure out which ones you can visit for free.
(Note to parents: We recognize that whether or not
some of these places are free depends on your local
community, which is why we have not included an
answer key for this educational children’s activity.)
1. Neighborhood Park
2. Children’s Museum
3. Public Swimming Pool
4. School Playground
5. Professional Baseball Game
6. Local Zoo
7. Hotel
8. Restaurant
9. Bike Trail
10. Movie Theater
11. Indoor Ice Skating Rink
12. Public Library
Four Fascinating Facts About Money
1. The term “filthy rich” may be more literal than you thought! It is estimated that
viruses and bacteria can be found on a whopping 94% of dollar bills. Yuck!
2. U.S. pennies used to be made of 100% copper. Today, pennies are mostly made of
zinc and have only a very thin coating of copper (measuring just 1/200th of an inch)!
3. Nearly 1,500 years ago, the Chinese produced the first paper money in the world.
4. Before Americans began trading dollar bills to pay each other for goods and
services, they traded animal skins instead.
November 2016  THE COMMONWEALTH 10
Color Your Way to Cash
Enter our coloring contest, and you could win a $10 deposit into your account!
There will be one winner per age category, per branch. Age categories are as follows:
• 0-4
• 5-8
• 9-12
To enter, simply write your name and age on the colored page, and return it to your
nearest branch location by December 31, 2016.
Not yet a member? Open an account today!
Name (first and last):
Age:
11 THE COMMONWEALTH  November 2016
NEW:
FIRST COMMONWEALTH
NOW OFFERS
STUDENT LOANS!
LEARN MORE AT WWW.FIRSTCOMCU.ORG/STUDENTLOANS.
COLLEGE SCHOLARSHIPS,
GRANTS AND LOANS –
WHAT DO THEY COVER?
Students and their families have plenty of options
to consider when it comes to paying for college
tuition. From scholarships to grants to loans, filling
the gap can be a confusing proposition. Before
deciding which options are right for you, here are
a few important tips to keep in mind.
1. Start with free money. Begin by maximizing "free"
money that you won't have to pay back, including
scholarships, grants and work-study. We've
partnered with Sallie Mae® to offer our members
access to their Scholarship Search tool, with more
than 5 million scholarship options worth $24
billion. Scholarships can be based on residency,
personal interests, grades and more. When you
register to use Scholarship Search by Sallie Mae,
you can enter a monthly $1,000 sweepstakes. No
purchase necessary. Void where prohibited. See
official rules at SallieMae.com/SweepstakesRules.
2. Carefully consider how much money you need.
First Commonwealth encourages our members to
borrow responsibly, only taking on the amount of
debt you really need. Keep in mind that college
costs include more than tuition; you may need to
include funds for housing, food, school supplies,
transportation, a computer and more. Once you
have the total cost for the upcoming year, subtract
any scholarships or grant money you’ve received,
as well as any savings you or your family plans to
contribute toward your education.
It’s important for students to borrow only what
they need to fund their education, not necessarily
a lifestyle. In some cases, the loan amount offered
to you might exceed the amount of money you
really need to cover your expenses. To keep your
debt low, determine your budget and only borrow
what you need to live on. Also explore options like
work study programs through your school or other
job opportunities that can help defray college costs.
3. Consider responsible gap financing. If after
considering your savings, scholarships and grants
you still come up short, a private student loan
can help to fill the gap. First Commonwealth has
partnered with Sallie Mae to offer our members
the Smart Option Student Loan®. To encourage
responsible borrowing, Smart Option Student
Loans must be certified by the school’s financial
aid office to help ensure students borrow no more
than their cost of attendance less other financial
aid received. With competitive variable and fixed
interest rates, choice of deferred and in-school
repayment options and no origination fee or
prepayment penalties, the Smart Option Student
Loan is a responsible way to fund your education.
For more information or to apply, visit
www.firstcomcu.org/studentloans or call 610.821.2403.
First Commonwealth is not the creditor for these loans and is compensated
for the referral of Smart Option Student Loan customers. This information is
for borrowers attending degree-granting institutions only. Applications are
subject to a requested minimum loan amount of $1,000. Current credit and
other eligibility criteria apply.
November 2016  THE COMMONWEALTH 12