All Financial Education

How Far Would You Go to Save Money?

June 4, 2015

piggy bank

Would you “go commando” before you would buy used underwear, just to save a few bucks? If you said “yes,” you’re in good company.

Tax preparer H&R Block recently polled young people to find out what they would be willing to do to save money. The company used “Would you Rather?” as a device, giving teens a choice between two unattractive options.

According to the company, 73% of those surveyed would rather work concessions at the Super Bowl than clean up after a music festival. Another large majority, 72%, chose “going commando” over buying used undies, while 55% would rather be Lindsay Lohan’s personal assistant than wash the Dallas Cowboy’s laundry.

Of course, there was a serious point to the campaign: the company was using these humorous questions as a way to teach young people about personal finance. After the questions, the company offered tips like:

Choosing a checking an account that doesn’t require a minimum balance, or charge you for each check written. The company also warned teens to check credit card interest rates before buying expensing items. They also suggested that teens pack a lunch instead of eating out.

These are all good suggestions. However, H&R Block could have covered a lot of their lesson simply by telling teens to open their account at a credit union, instead of a bank. After all, CUs typically offer the lowest fees on checking, and the best rates on credit cards. Your friendly local CU is also a wealth of information on how teens can avoid expensive financial traps, and make their dollars go further.

In other words, join Idaho Central Credit Union and there will be no need to sacrifice new undies. Ever.