April is National Credit Union Youth Month! Financial education is crucial, and we want to help you teach your children about the importance of being responsible with money and saving for the future.
The first step to teaching your kids about money is talking about money. The most effective way to teach is by having frequent, informal discussions and not lecturing. Look for teachable moments throughout your normal day and always be willing to answer questions. Sometimes parents don’t want their children to worry about financial matters or think they are too young to understand, but that is not the case. So, here’s how to start the talk:
If you’re going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.
You can do the same thing by comparing products at the grocery store or when you are shopping for back-to-school items.
Using real-life examples helps your child learn how to make smarter purchases and financial decisions as an adult.
Make them part of your budgeting.
If you’re doing any kind of financial planning for the year, solicit input from your kids. Let them establish their own saving goals just like you do for your family budget. No one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions at a high level, but involving them makes money less abstract.
Open a youth savings account.
Money management is something that we believe should start early. Members Trust offers a wide range of savings and money market accounts designed to help you reach your short and long-term financial goals. Our Student Accounts can help our younger members manage their cash conveniently, efficiently, and effectively and most can be opened for as little as $5.
Nickels & Dimes
- For youth up to age 12
- Check out our new Dollar Dog Program to give your child access to educational (but fun) financial tools.
- 13-17 years
- Help your teens learn how to manage money and use a checking account (parent or guardian joint required).
- Plus, we also have a Family MasterCard (parent or joint cosigner required) that can help any teen learn how to correctly use credit.
- Check out our new ChaChing Program where your teen can learn the importance of saving.
Members Trust is ready to help you – help your kids learn strong financial skills that will carry them into adulthood. For information on our youth accounts click here or contact us with any questions.