|
| |
|
Raising
Money-Savvy Kids
Struggling to save money is difficult for everyone.
It's especially hard for young people who've never learned how to plan
to achieve financial security.
YEFCU wants to shine the spotlight on how young people
spend, save and manage their own money, and credit unions can help them
do so wisely during National Credit Union Youth Week, April 20-26, 2008.
The staff of YEFCU believes in the power of education --
put to practical use -- to improve the lives of our members and their
families.
As a parent, there are several things you can do right
now to help your kids get on the right financial path. Here are
some tips from the Credit Union National Association:
Younger than age 5
 | Use coin
savers to help children learn how to identify coins and
count money.
|
| Introduce
the concept of money by giving children small change to
spend occasionally when you go to the store. Limit options
to save time and reduce conflict. |
Ages 5 to 10
| Give a
weekly allowance to offer hands-on money management
experience. Because children know they’ll regularly get a
set amount of money, this makes it easier to learn how to
save.
|
| Let children
save for, and buy, something they really want. Rewards
reinforce young children’s savings habits, so tie saving to
spending.
|
| Use three
containers labeled “Spend,” “Save,” and “Share.” Suggest
that children contribute a portion of their allowance and
cash gifts to each to teach how to spend wisely, save
regularly, and give to others.
|
| When the
“save” container builds up, take children to the credit
union to open a savings account.
|
| Provide
children with opportunities to earn extra money by doing
jobs not included in their regular responsibilities. |
Ages 11 to 14
| Include
children on shopping trips to teach them what things cost
and smart shopping techniques. Let them help compare product
qualities, prices, return policies, and warranties.
|
| Encourage
odd jobs: babysitting, yard work, or pet care.
|
| Encourage
children to use their own money to buy beyond-the-basics
clothing and accessories. |
Ages 15 to 18 and older
| Discuss
saving plans for long-term goals, such as education and
cars.
|
| Consider
giving teens a seasonal clothing allowance beyond their
regular allowance. After setting guidelines and limits, let
them make their own choices.
|
| Consider
helping financially responsible teens open a share
draft/checking account.
|
| Consider
encouraging financially responsible older teens to use a
debit card with their share draft/checking accounts. |
|
|
|
|
-
|
What's A Googolplex*?
FUN, GAMES, STORIES AND
FINANCIAL ADVICE FOR KIDS OF ALL AGES
- Ever wonder which is worth more - 1978 Boba Fett action
figure or a 1989 Hot Wheels Lamborghini?
- Could the U.S. run out of money?
- Who's taking money out of your paycheck?
You'll find the answers to these and a googol of other
questions by reading Googolplex: The Credit Union Guide for Student
Moneymakers. Googolplex contains stories, games, and
puzzles for elementary, middle, and high school students. Googolplex
is all about money: earning it, saving it, borrowing it responsibly. It'll
show you how business and the economy work and how you can take control of your
financial future. And it'll make you laugh.
Googolplex
is 3 online youth magazines in 1,
each named after U.S. currency. They are designed to appeal to 3
different interest or reading levels - elementary, middle, and high school
to help youngsters gain a better understanding of their finances.
Each week, young members at each level of
Googolplex will find something NEW - a puzzle, game, quiz,
or moneymaking story to help them:
 Learn to
save for the future- Learn to
spend wisely
- Learn to
borrow responsibly
Read Googolplex today. And come back regularly.
You'll find something new each week!
* It's the largest
named number. (A googol is 10 to the 100th power; a googolplex is 10 to the
googol power.)
 |
|
|
|
|
|
|
|
