April is National Credit Union Youth Month as well as one day designated to “Teach Your Child to Save Day” on April 24th. Saving money is a habit that can take some time to build, but with Westport Federal Credit Union we are helping parents to teach their kids the importance of savings with these tips.
- Discuss Wants vs Needs – Explain the difference between wants and needs to your children.
- Let Them Earn Their Own Money – If you want your child to become a saver, allowing them to earn and save money provides them with the chance to learn how to use it. By offering allowances in exchange for chores, children will also begin to learn the value of hard work.
- Set Savings Goals – Helping children understand a savings goal can be a better way to get them on the same page. If they know what it is they want to save for, help them break down their goals into smaller, manageable pieces.
- Provide Somewhere to Save – For some kids, a piggy bank may work for savings, but for others that won’t. At Westport Federal Credit Union we are pushing for children to open up their own savings account all throughout the month of April! Visit us at westport.org to open an account right from the comfort of your home and watch the savings begin!
- Track Spending – If your child gets an allowance, have them keep track of their purchases each day and add it up at the end of the week. Encourage them to think about their spending habits, and how much they could save if they changed it around.
- Talk About Money – If you want your kids to learn about money it must be a continuous discussion!
At Westport Federal Credit Union we know the importance of saving and we want to share that with you and your children for National Credit Union Youth Month. If you’re a parent, making saving a regular part of your child’s routine can lay the foundation for a bright financial future. It starts today.
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*Source: https://www.investopedia.com/personal-finance/10-tips-teach-your-child-save/
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