April is National Credit Union Youth Month. This year, we’re celebrating by helping you teach the kids in your life about finances. Here are four ways you can help a young person in your life become a lifelong saver.
Help them achieve a short-term savings goal. Start with something small, yet expensive enough that it will take them a few weeks or more to save for it. This could be a $15 book or a $70 video game. By setting up a goal, kids become familiar with saving.
Graduate to a long-term savings goal. With careful guidance and long-term savings, your child can start to save for almost anything. Just be warned, they will be very proud of themselves, resulting in added responsible behavior, improved self-confidence, and a feeling of accomplishment.
Keep it simple. If you have a clear jar or other see-thru container lying around, you can turn it into a savings tool. Cut a slit in the top and encourage your kiddos to put their coins and dollars into the jar. Maybe even place a marker on the container to show when they can open it and count the money. Over time, the money and their excitement will grow.
Match their funds. Just like some employers match retirement funds, you can match your kid’s savings. This is a great way to teach the importance of maximizing opportunities and the power of combined savings.
Help them open their own InRoads account. At InRoads, we have special youth accounts for kids and teens. Younger kids are made members of the M3 Money Club®. Over the years, they’ll become money superheroes just like the Megatown crew. They’ll also receive birthday cards, get prizes with every deposit, and receive fun Save-Spend-Share boxes. This is a great way to learn about saving, spending, and sharing their money. Youth 11 and over get their own Student Cash Back Checking account with a debit card they can customize with any picture they like. They’ll also get access to Elements of Money® as well as Apple Pay®, Google Pay®, and Samsung Pay®. Both young and older kids can get added to InRoads Connect through Online and Mobile Banking. There you can teach your kids about smart money management and send them funds for doing chores, getting good grades, or simply because. Learn more at inroadscu.org/youth-student.