One of the best ways to build a secure financial future for your children is by helping them develop saving skills at an early age. Set an example for the next generation by teaching children the importance of saving.
Deidre Davis, MSUFCU Chief Marketing Officer, talks about ways parents can help young people become savers, and the opportunities at MSUFCU for kids to start building a savings account.
To teach children the value of saving, start by setting an example. For instance, demonstrate how you deposit funds into your own savings account through your financial institution’s mobile app or at a branch.
Then, open a savings account for your child so they can begin to learn the value of saving and earning dividends. Helping your child set short and long-term savings goals can also help teach the importance of saving.
Adults can also help them identify the difference between needs and wants. To help children save for their wants, help them set savings goals. Children can earn money through allowances for doing chores around the house. Then, you can take them to your financial institution to make a deposit. Watching their savings grow and then being able to use their own money to make their own purchases is a great way to demonstrate the value of saving and hard work to children.
Throughout the month of April, MSUFCU will be holding special promotions to help children develop healthy financial habits with special activities to make saving fun and exciting. As part of National Credit Union Youth Month, MSUFCU put an extra emphasis on youth members. This year’s theme is: “Be a credit union saver and your savings will never go extinct.”
To celebrate National Credit Union Youth Month, MSUFCU will host a savings sweepstakes titled “Save-osaurus Sweepstakes." All youth members who deposit at least $50 into their account will be entered to win one of five $100 1-Year Add-On Certificates.
MSUFCU offers youth accounts that provide interactive tools and resources to start the savings process and make learning financial basics fun and engaging.
There are five youth accounts:
· Sweet Pea (ages 0-2)
· Dollar Dog (ages 3-6)
· Cyber Saver (ages 7-10)
· Money Club (ages 11-13)
· CU Succeed (ages 14-17)
After opening an account, each youth account member:
· Receives a free gift after an initial $50 deposit.
· Can participate in contests and promotions designed to make learning about money fun.
· Can enjoy access to free educational gaming apps.
There's also an online Youth Store to encourage youth members to save. All MSUFCU youth members receive one virtual coin for every $10 deposited into their accounts. These coins may be redeemed for items in the Youth Store through ComputerLine®, MSUFCU’s online account management system.
In addition, the Credit Union offers activities families can do at home through its Funtivity Zone videos. Find these videos at msufcu.org/funtivityzone.
Learn more about banking and money-saving opportunities at msufcu.org.