Summer is here, and what better way to spend some time with your family then to give an opportunity to teach your kids on financial literacy with our Brownsville Credit Union! Use these simple tips and tricks to help teach your kids on finances and how to manage money more wisely! Its never too early to start teaching them the importance of money!
Tips for Kids
Teaching your kids the value of money can help them better understand the way things are in the real world. With this in mind, teaching them the basics can go a long way with the right tools and methods. Teach them the basics by:
- Introduce the Value of Money – Start with the basics by explaining what money is and how it’s used. Use everyday examples like grocery shopping or paying for activities to illustrate how money works. You can also give them a small allowance to help them understand earning and spending.
- Emphasize Saving – Teach kids the importance of saving money by setting up a savings jar or opening a simple savings account. Explain how saving a portion of their allowance can help them buy something special in the future, highlighting the concept of delayed gratification.
- Help Them Set a Budget – Use simple tools to show kids how to create a budget. Help them list their allowance, savings, and spending goals.
Tips for Teens
Teens are barely starting accrue wealth, and the opportunities are endless, thanks to technology. Teach them about financial literacy by:
- Allowing them to get summer jobs and develop skills by teaching them about expenses and saving money with their earned paychecks.
- Emphasize on independence by showing them the responsibility of owning some type of credit or the concept of borrowed money, while showing them the idea of interest and payment plans.
- Show your kids the few ways they can save money using a Roth IRA, keeping them informed on how to develop early income with their save money they earn.
Tips for Young Adults
When your kids start to grow up and become young adults, they are slowly coming to understand the value of money and ways they can make it grow. We offer a few services that can help with that!
- Consider a Roth IRA – This retirement account allows their savings to grow tax-free. Teaching them about retirement savings early on can instill the habit of long-term financial planning and the benefits of compound interest.
- Teach them investment in a Youth Share Draft – Explain how staying invested in the market, even during downturns, can lead to significant growth over time.
- Track Expenses – Assure young adults that they can always seek advice and guidance when it comes to managing their finances. Download the Mobile Banking App and share how to track expenses.
Open a Youth Share Draft at Our Brownsville Credit Union
By instilling healthy money habits early on, with a Youth Share Draft, you are setting them up for a lifetime of financial stability and success. At our Brownsville Credit Union, we’re here to support you and your family every step of the way.
