We’ve been so excited to see the steady stream of youth members coming in to our branches this month as we celebrate National Credit Union Youth Savings Month. It’s always fun to see our youngest (and often most excited) members, but that’s not the only reason we love greeting your kids at the teller station.
Did you know that having a savings account helps even younger children learn about savings and spending? Getting your kiddos used to visiting the credit union and managing their money in age-appropriate ways will help set them on a path to a healthy financial future.
According to a study by the Organization for Economic Cooperation and Development, students who have a bank account were more likely to earn money from a part time job and save gifts of money from friends or relatives. At Clackamas, we’re happy to offer our Student Saver accounts for members age 10-17 to help our teens learn savings skills.
Before the Student Saver, our younger members can open (with a parent or responsible adult as a co-owner) a Cub Account, which includes activity books and other fun bonuses featuring the Berenstain Bears! Many of us learned important life lessons from Brother Bear and Sister Bear growing up, and now the Bear Family can help teach your little ones about building good saving, spending, and sharing habits.
Bring in your current Cub members during the month of April and receive a special Berenstain Bears book and a tasty treat. Thinking about signing your little one up for an account? April is a great time for that, too- new Cub members will receive a special welcome kit loaded with fun activities.
Want some other tips that can help your kids get off on the right financial foot?
Set age-appropriate savings goals. Create a visual way to track your kids’ saving progress, and celebrate when they reach their goal. Regularly talk about money. That famous “I want this!” at the grocery store? Explain why you will or will not buy it in money-related terms, or discuss how much money you want to spend on the shopping trip ahead of time. That way, your kids can help make decisions about what you buy and what you save for next time — this also leads into a great way to:
Talk about Needs versus Wants. Helping your kids understand needs versus wants can help you explain why you can’t buy a teddy bear or special snack right then.
Make money fun. Keep conversations about money positive, and help them have good experiences with money- our Cub accounts and visits to your favorite Clackamas branch can help!
Do you have other questions about how to help your kids and teens become money savvy? Let us know how we can help!