During the week of April 20th, WESTconsin Credit Union will be highlighting the importance of helping youth become excellent money savers in recognition of National Credit Union Youth Week. This year’s theme, “Catch the $ave Wave™,” highlights tips and resources available at the credit union to boost good habits and “hang ten” on the save wave.
WESTconsin offices are celebrating Youth Week by hosting several on-site and off-site financial literacy activities within each community. Families are encouraged to stop by their local WESTconsin office for games, learning activities and treats. Kids who bring in a deposit will receive a fun color-changing cup filled with goodies. Complete details, as well as valuable online resources, are available at westconsincu.org.
Whatever young surfer savers are saving for, WESTconsin can give them the tips they need to Catch the Save Wave™. Here are just a few that can help them get started:
- For pre-school children, show them how to sort different types of money into piles by color and size.
- Play grocery store while teaching how to comparison shop and pay using a pretend cash register.
- As kids get older, let them know what things cost by sharing sales receipts and bills that you receive for items or services you’ve purchased for them.
- If you decide to pay your kids an allowance, include them in the decision by discussing amounts and what they should use their allowance for. One idea is to have children set aside parts of their allowance for spending, saving, and sharing. Clarify what you’ll pay for and what they should be responsible for. For example, when you’re at the movies, maybe you agree to pay for the movie ticket, but the Milk Duds are on them.
- As kids reach high-school age, clarify what you will pay for and what your children are responsible for. For example, your kids may want the newest cell phone that comes with a really high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items is on kids, the “latest and greatest” aren’t so important.
- Bring your children in for a visit at any WESTconsin Credit Union office where we have more ideas to help you raise financially savvy kids.
By teaching kids from an early age on how to save for their goals, they’ll have one of the most difficult aspects of saving under their belt by the time they’re adults—being a consistent saver.