Helping kids save money, one step at a time.
Saving money can be difficult for everyone, especially young people. At YEFCU, we encourage our members to play an active role in their children’s financial lives. We firmly believe in financial education to improve the lives of our members and their families — and there’s no age too young to get started.
Tips for Raising Money-Savvy Kids
Here are some tips from the Credit Union National Association:
Younger than Age 5
- Use coin saver (a cardboard folder with round slots, usually the size of a quarter or a dime) to help kids identify coins and count money.
- Give your kids small change to spend when going to the store.
- Take advantage of our Stork Club (Ages 6 months and under)
Ages 5 to 10
- Give them a weekly allowance. If children know that they’ll regularly get a set amount of money, it will make it easier for them to learn how to save.
- Let your kids save for, and buy, something that they really want.
- Suggest that your child portion their allowance into three different jars labeled: “Spend”, “Save”, and “Share”.
- Once your child builds up their “Save” money, bring them to the credit union to open a Savings Account if they don’t already have one.
- Give your children the opportunity to earn extra money by doing jobs that are not a part of their regular chores such as washing the car or raking leaves.
Ages 11 to 14
- Take your kids to the store with you to help them understand what things cost and how to shop smart. Let them help compare prices and product quality.
- Encourage them to do odd jobs such as babysitting, yard work, or pet care.
- Encourage your children to use their own money for non-necessities.
Ages 15 to 18
- Discuss saving for long term goals—such as education and cars—and devise a plan.
- Consider giving teens a seasonal clothing allowance, in addition to their weekly allowance.
- Help your teens to open a Checking Account.
- Encourage financially responsible teens to use a debit card with their Checking Account.