3 Tips to Help Your Child Become a Financially Successful Adult
April 1, 2021
One of the best ways to build a secure financial future for your children is by helping them develop saving skills at an early age. Here’s how to set an example for the next generation by teaching children the importance of saving.
1. Demonstrate how you deposit or transfer funds into your own savings account through your financial institution’s mobile app or at a branch.
2. Open a savings account for your child so they can begin saving their own money. Helping your child set short- and long-term savings goals can also help them understand the value of certain items.
3. Teach children the difference between needs and wants. To help them save for their wants, like a new toy or game, assist them in setting goals to purchase those items.
Children can earn money through allowances for doing chores around the house. Then, you can take them to your financial institution to make a deposit. Watching their savings grow and then being able to use their own money to make a purchase is a great way to demonstrate to children the value of saving, and the rewards of hard work.
MSUFCU helps children develop healthy financial habits with its youth accounts and special activities to make saving fun and exciting. And every April, we join in celebrating our youth members through National Credit Union Youth Month. This year’s theme is: “Be a credit union saver and your savings will never go extinct.”
To celebrate National Credit Union Youth Month, MSUFCU is hosting the Save-osaurus Sweepstakes. All youth members who deposit at least $50 into their account will be entered to win one of five $100 1-Year Add-On Certificates. For more details, visit www.msufcu.org/youthmonth.
Tags: Savings, Money Management, Tips and Tricks