Teach Your Kids the Importance of Saving
Need help teaching your kids the basics on managing money? With a little time and effort (and some assistance from your credit union), you can set your kids up for financial success. Check out our age-based recommendations below to get started!
Ages 4-5: Kids are most susceptible to everything you tell them at this age, so make sure you teach them good habits now. Buy them a piggy bank and encourage them to save a portion of any money they receive. It’s also a good time to encourage giving.
Ages 6-12: Help your child open their own savings account and be sure to show your child the account statements, so they can see their money grow! Start to include your child in decision-making – when shopping, explain why you chose the generic brand or bulk items.
Ages 13-19: Teenagers are old enough to have their own jobs and can start to take guided control of their finances. Help your teen open a checking account and use a debit card, and teach them methods for avoiding impulse buys.