credit for life fair 2024

Financial Education

Supporting Our Communities Through Financial Education Programs

As a mutual bank, our mission includes helping our customers and communities build solid economic foundations for our region. That commitment is why we focus on delivering world-class products and services to individuals, families and businesses. Providing education on important financial topics is also part of our mission, which is why we partner with local schools and organizations to improve the financial literacy of the next generation.

Credit for Life logo

The Credit for Life Fair is an interactive event held at high schools across Massachusetts and beyond and hosted by financial institutions and other organizations.  The goal of Credit for Life is to prepare students to survive financially in the everyday world BEFORE they leave high school. Students choose professions,  assume the roles of 25-year old 'professionals with paychecks' and use their monthly ‘salaries’, ‘credit cards’ and ‘savings accounts’ to purchase everything they will need to live as adults. The goal of the day: to balance their budget and not overspend. 

We were thrilled to host our 15th Annual Credit for Life Fair on May 22nd at Salem State University! Participating high schools included Amesbury, Newburyport, Pentucket, Triton, Ipswich, Georgetown, Landmark, Masconomet, Salem, Beverly, Gloucester, Swampscott and Rockport.

Thanks, WCVB for this awesome news coverage of last year's event!

e information about Credit for Life? Contact us and/or watch our info video.

We can't wait to offer Credit for Life to incoming Salem State University students this fall! 
 
On Friday, September 5th Salem State University (SSU) is partnering with North Shore-based community bank Institution for Savings to offer Credit for Life, a FREE interactive financial education simulation for incoming SSU students.  This 90-minute event, which will take place in Veterans Hall within the Ellison Campus Center from 12 noon - 2, pm, will give students valuable money management and budgeting skills they will utilize throughout their lives.
 
  • How Credit for Life Works 
  • Using their smart phone, tablet or laptop, students visit CreditforLife.org and register to use the site using a pre-supplied Access Code.
  • After reviewing the list of professions, they choose one and are assigned annual and monthly ‘salaries,” along with a “credit card spending limit” and a “savings account.”
  • Using their monthly salaries, savings and credit cards students assume the role of 25-year-old ‘professionals with paychecks’ and visit 13 booths set up in the Hall to ‘purchase’ everything they need to live as adults.  Booths they visit include Housing, Furniture, Utilities, Transportation, Charitable Giving, Health & Wellness, Education & Training, Planning for the Future, Lifestyle, Part-time Jobs and Fun, Fun, Fun. 
  • After they have made purchases at all stations, they visit the Budget Review station where volunteers will review their purchase and offer any needed guidance or advice.
  • During the course of the Fair the students are also be faced with real-life scenarios: they need to purchase new tires, win money in the lottery, need an outfit for a wedding etc. They need to incorporate these unexpected costs into their budgets. 
The goal of the event is for the students to learn how to manage their money and live within their means – important life lessons for every college student! 
 
Here are some resources to get you prepped:
 


get smart about credit logoEvery fall and spring, Bank representatives  visit high schools in the Bank's market area to talk to seniors about the importance of careful budgeting, maintaining good credit and the perils of bad credit. The goal is to help young adults develop a stronger understanding of credit and how to use it responsibly before they leave high school. Email us if you are interested in learning more.
Be a smart saver logoGood money habits start early! Our "Be A Smart Saver" initiative is a spin-off of Teach Children to Save, a national program that helps young people develop lifelong savings habits at an early age. Each spring, our employees visit area elementary schools to teach young students about the importance of saving money.

At the end of these fun and interactive assemblies, students learn about the things they can do with money (earn, spend, save, share), know the difference between needs and wants and start making their own savings plans!
first time homebuyer logoBuying your first home can be daunting....and that is why we are here to help you navigate the journey and explain all the mortgage options available. You'll be able to make informed choices and find the mortgage that fits your budget and lifestyle through our First-Time Homebuyer program.
 
A First-time Homebuyer Education Class is recommended for all first-time homebuyers and required for some of our programs. As an added incentive, Institution for Savings will provide a $500.00 closing cost credit to all applicants who complete an approved CHAPA certified course and close their loan with the Bank.

We have also partnered with the local First-time Homebuyer Education providers listed below to offer an additional closing cost credit of the standard course fee when you complete one of their courses. Simply provide the course completion certificate and proof of payment to receive the added benefit at closing.

First-time Homebuyer courses provide important information about:
  • Qualifying and applying for a home mortgage
  • Working with realtors, home inspectors and closing attorneys
  • Purchasing homeowners insurance
  • Special issues surrounding condominiums and multifamily homes 
To register for an online First-time Homebuyer course, or for more information about live classes via Zoom, please visit our partners below:

For information about live classes held via Zoom, please visit mvhp.org or contact MVHP directly at 978-459-8450.

Gloucester Housing Authority
Contact a homeownership advisor directly at 978-281-4770 x110
or via email at abeaton@ghama.com. 
 


identity theft for seniors logoIdentity theft occurs when a criminal deliberately uses someone else’s personal identifying information to obtain financial gain, make purchases, obtain credit or loans, or gain other benefits in another person’s name, often at the other person’s loss or disadvantage. 

Seniors are particularly susceptible to scams and identity theft for a number of reasons and each year the number and types of scams increase. To help seniors protect themselves, we regularly visit senior centers to make presentations on financial topics important to older adults such as identity theft and financial fraud. Check out our Security page for information on the most recent scams and what you an do to protect yourself.