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Member Education

Youth Financial Education

 


Start Them Young to Learn How to Save

Children can learn money skills as early as age 3! Here are just a few tips to help young credit union surfer savers Catch the Save Wave™:

  • Have young children—preschool age—sort different types of money into piles by color and size.
  • Play grocery store or credit union/bank. Help them use a pretend cash register.
  • At the grocery store, let youth of all ages help you shop. Teach them how to comparison shop. For example, show them that for every $4.85 box of cereal, there may be similar brands on sale for half as much.
  • As youth get older, let them know what things cost. Share sales receipts for items you’ve purchased for them and for bills you’ve paid.
  • If you decide to pay an allowance, include youth in the decision-making process. Discuss allowance amounts and expectations. The amount is your call, but ask for their input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing or charity. Clarify what you'll pay for and what they are responsible for. For example, when you're at the movies, maybe you agree to pay for the ticket, but the Milk Duds are on them.
  • As youth reach high-school age, reexamine the rules. Clarify what you will pay for and what your teenager is responsible for. For example, your teenager may want the newest cell phone that comes with a high price tag, so establish your spending limit. If she still wants the more expensive version, have her make up the difference. Oftentimes, once the responsibility of paying for items is on the teenager, the "latest and greatest" isn’t so important.

Get youth started on the right track financially. Bring them in to Powerco Federal Credit Union—we have more ideas to help you raise children to be financially savvy young adults.


Sharpen Your Savings Skills

Learning to save money takes practice. By saving, you can spend money on what’s important to you—whether that's a new video game, a trip to the movies, a used car, or even a college education.

Let's get started:

Elementary school:

  • Ask your parents to help you open your own savings account at the credit union. Keep track of how much money you put in and take out. That way you can see how close you are to meeting your savings goal.
  • If you're saving up for something special, like a new bike or toy, hang a picture of it on the wall. This will remind you of your savings goal every day until you reach it.

Middle school:

  • Ask your parents if you can plan a family event, like a trip to the zoo or an afternoon at a waterpark. List all the things that will cost money—like tickets, food, and souvenirs. Set a budget, and encourage everyone to stick to it when the big day arrives.
  • Make a list of things you want to spend your money on. Put the list in order, starting with the things you want the most. This will help you figure out what you really want to save up for.

High school:

Consider taking on a part-time job. Earning your own money can help you save for big goals, like car or college expenses.

  • Talk to your parents about opening a checking account at the credit union. Learn how to use a debit card responsibly and track transactions. Those skills will come in handy when you leave home.

Stop into Powerco Federal Credit Union for more great ideas on how to sharpen your savings and money skills.


Teach Your Children Financial Independence

Are your kids on the right track to financial independence?

For many of today's young adults, the weakest link lies in learning the basics. Only 35% of teens know how to balance a checking account or manage credit cards. During the past several years, a decline in overall financial knowledge is especially pronounced among 18-year-olds, and 13% fewer teens have bank accounts.*

Achieving economic prosperity is difficult, and it's especially hard for young people who've never learned how to manage money.

Your credit union is ideally positioned to respond because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence, and here’s how:

Join. For starters, open a credit union savings account for each child in your family. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions.

Share. Include your children in household money discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell phone plan, calculating the total monthly cost of owning a car, or sticking to a budget for back-to-school or holiday spending.

Coach. Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service and philosophy of self-help make Powerco Federal Credit Union and all credit unions a natural partner in pursuing financial security.

We're here to help. For more information, contact us at (404) 506-3750 or 1-800-633-5217.

*2011 Teens and Money Survey, Charles Schwab

NCUA

This credit union is federally insured by the National Credit Union Administration.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 762143

Equal Housing Lender