Give a hoot about saving
Managing money is a foundational life skill. That's why it's best to give your kids a head start on money management and saving.
In honor of National Credit Union Youth Month, Alive Credit Union is focusing on ways to help make this task as simple as possible for parents and guardians of our youth.
Here are three ways to ensure your little one gets on the right track to financial wellness:
1.) Set a goal
Let your child use this opportunity to save for something big. Together, create a long-term goal, like saving up for a first car. Also create a short-term goal, like a new hover board. Set a date for when you hope to hit your goals. Then, set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target on time.
2.) Bank together
If this is your child's first time owning an account, you'll need you to show them the ropes. Take your child along when you stop by Alive to deposit their savings and show them how it works.
It's also a good idea to warn kids of all ages about security. They should know to never share their account information with anyone and to keep their debit card in a safe place.
3.) Monitor your child's activity
Always keep an eye on your child's account. If your child is depositing less than planned, or your teen is maximizing their daily ATM allowance, speak to them about money management and impulse purchases.
Every financial lesson you teach your child today equips them with skills for a lifetime.