April is Credit Union Youth Month
Credit Union Youth Month – Save Small. Dream Big!
During the month of April, Credit Unions across the country are celebrating National Credit Union Youth Month by encouraging kids to develop healthy financial habits!
Teaching children how to manage their own money is a valuable life skill. The earlier youngsters begin learning financial education and developing smart financial habits like saving for a goal, the greater the likelihood that they will make less costly mistakes in adulthood.
Below are some easy ways to start teaching your kids the value of money.
- Open a Youth Savings Account in your child’s name. With a youth savings account, young members can deposit small amounts on a regular basis and watch their savings grow! Bring your kids along with you when you stop by the Credit Union to deposit their savings. It doesn’t matter how much is deposited – what matters is creating regular savings habits.
- Show kids your money values through your actions. When a child is learning how to do something for the first time, they are naturally inclined to follow the example of the adults in their life. It is important to model healthy money management behavior that you want your children to adopt.
- Create opportunities to earn money. Consider having your kids’ complete chores to earn an allowance. Allowing your kids to earn and have money of their own, teaches them how to make decisions about using it and also the value of their hard work.
- Involve your Kids. Many of our day-to-day activities are in some way related to money or finances and can easily be turned into a teaching opportunity. For example, taking your kids shopping with you can be an excellent way for them to see your budget in action, have them compare prices and determine what you need and what you don’t. Don’t just talk about money with your kids, let them experience real-life scenarios where they can make money decisions, too!
- Help your kids focus on their future. Having a reason to save money gives kids motivation to meet their goals. Sit down with your children and discuss what they would like to save for, have them choose a long-term goal (saving for college or a first car) and establish a short-term goal (saving for a new toy or game). For many children, watching their money grow is a reward in itself.
The time and effort invested in youth now can help them have a better understanding of how to manage money, avoid unnecessary debt, and save for their futures. The earlier your young saver starts saving, the more their money will grow and the easier it will be to achieve their goals. Learning good financial habits at a young age can help to set them up on the path of healthy financial well-being.
Join us in celebrating Youth Month by encouraging your Youth Members to start saving regularly!
Special Incentives to Help Our Youth Members Save Small & Dream Big:
- During the month of April, every new Youth Account opened AND every $10 deposit into a Youth Account earns an entry into our drawing for a fun family day at either Silverwood Theme Park or Bullwinkle’s Family Fun Center*.
- Youth Members up to the age of 17 are invited to participate in our “Save Small, Dream Big” coloring contest**! The winning artist will receive a $25 deposit into their Cutting Edge Youth Account. Please see our contest rules for full details.