Youth Accounts

Many people toss and turn at night thinking about money. Wasn’t it nice when you were a kid and there were no bills to pay?

While we don’t want any child to fret about money, now may be a perfect time – without stress – to teach them the importance of being financially wise.

Let them learn to how make some: The old cliché is that kids these days don’t know the value of a dollar. Our parents might have said the same thing about us! However, when a child has chores or responsibilities that teaches them money can be the payoff for hard work, the learning begins. It’s hard to learn about handling money when you don’t have any.

Even if they receive money for gifts or maybe money for good grades, it’s never too early to let them know the importance of saving money.

Speaking of saving: Don’t let your kids just blow their money, even if they earned it. Remind them of the hard work they had to do to earn the money but also tell them their money can work for them, too! Teach them about gaining interest with a savings account, hopefully at PAFCU. Some parents even like to establish savings goals for their kids. When they reach a savings milestone, the parents will toss in a few extra bucks to reinforce their savings habits.

Sometimes, let them spend it: We all learned the flame isn’t truly hot until we touch it. Though you’ll do your best to teach your kids to be responsible, let them spend money on silly things so they understand the flame is hot for themselves. They’ll learn to spend more wisely, shopping around for a good deal rather than purchasing the first thing they see.

Walk the talk: Exhibit good saving habits and your children will likely follow your lead. For example, it’s so easy to give in when a child is whining for something at the store – especially at the checkout area. Rather than getting upset, educate them about the difference between wants and needs. Teaching a child about savings is not always easy, but will pay off for everyone down the road!

PAFCU would love to welcome your child as a new member at the credit union! When they sign up, we treat them like royalty with a fun package full of gifts! Call us today at 248.619.0440 for more information.

Blog Category "Youth Accounts"

Youth Accounts