Friday, April 15, 2016

Teaching Your Child About Banking and Saving

April is National Youth Credit Union Month, making this is an excellent time to teach your child about personal banking and the importance of savings. This could mean walking a child through their first steps of personal financial awareness or it could mean reiterating the importance of savings habits with teens. Here are some tips to teach your child about banking and savings:

Help Them Practice Safe Money Habits
Teaching kids how to budget at a young age can mean a great deal of difference in their personal financial habits. Encourage younger children to make a list of things they want in the order of how badly they want each item. This way they can learn to prioritize and save. Let them help budget for a grocery trip or an upcoming trip. Modeling excellent financial habits can be the most effective way to teach your kids how to practice safe money habits.

Create a Budget Together
Since your child has now identified what they want to save their money for, create a budget with how much they will have to save each week or month to achieve their goals. Using envelopes or jars to separate allowances or earnings into different categories of savings is a great way for young children to understand budgeting. Have your child draw on each envelope or jar the item that they are saving for. Create long-term and short-term saving containers to help your children understand that some things take longer to save for than others.

Set up a Youth Checking Account.
Setting up a youth checking account helps teens learn financial concepts and gives them the opportunity to practice responsible financial habits in a safe environment. Parents can also view the account, set up limits and restrictions, and monitor account activity. Encourage your child to deposit money from their allowances, birthday, holidays, and part-time jobs. At St. Cloud Federal Credit Union, we will deposit the first five dollars as an added bonus to young savers!

Use Tech-savviness to Their Advantage
It’s a simple fact that teens spend nearly 24/7 on their phones. Teach them to use their phones, tablets, and laptops for financial good. They can benefit greatly from online services such as free direct deposit, mobile banking, e-statements, and more.

Address Privacy and Security
With so many modern features and advantages, remind them to be mindful of financial privacy and security. Teach them the importance of never sharing information pertaining to passwords and financial privacy with others. Reiterate the importance of using privacy measures when shopping and with online transactions to prevent identity theft.

Teaching and reiterating to your children about the importance of safe banking and savings habits can set them up for financial success down the road.

For more information, read Teaching Your Child Money Habits for Life, and talk to a Member Advisor at the St. Cloud Federal Credit Union for more information on youth checking and savings.


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