When it comes to our finances, it’s never too early to start learning! For many people, financial education doesn’t begin until close to adulthood, but the sooner we begin having these conversations, the more prepared we can be for the future.
No matter how old your kids may be, it’s important for parents and guardians to instill healthy money habits so that your kids can make positive and informed decisions as adults. At Addition Financial, we’re passionate about providing financial education workshops for youth throughout our community. Here are a few of our recommendations for helping your children start off on the right foot.
Show them the value of saving money.
By saving early, your money can grow a lot more in the long run. Help your kids understand the value of savings by starting with a piggy bank or youth savings account. Some experts suggest matching the amount your child saves to a certain point if they keep their money in savings for a certain amount of time. This shows children how saving for the future can benefit them and helps teach the concept of compound interest.
Let their allowance serve as a teaching tool.
Giving children an allowance in exchange for various household activities can help them better understand the value of money and the hard work that goes into earning it.
Create a budget together.
Your budget is your foundation for financial success. Talk to your children about the importance of budgeting, and how budgets help us achieve our goals and avoid unnecessary purchases. For older kids and teenagers, you can create a budget together, identifying wants versus needs and setting aside a portion of income or allowance toward emergency savings. A great way to put this step into action is to have your kids identify a financial goal they have (such as purchasing a certain toy) and helping them create a budget to save for that goal.
Talk to your kids about charitable giving.
Instill a passion for giving back by helping your kids identify a non-profit organization that they can connect with. A lot of kids feel excited when they know that they are helping others. Let them choose a charitable organization to give back to, whether through small donations, Christmas shopping, or volunteer work when they are old enough.
Help older kids become financially literate online.
In our digital age, it’s important to understand how to use online and mobile banking. Teach your older kids how to track their spending through their bank or credit union’s app, how to balance a checking account, and more. In addition, talk to them about the importance of keeping your passwords and other identifying information safe and secure.
For more information on teaching money essentials to your kids, check out Episode 10 and Episode 11 of Season 2 of the Making It Count podcast with Addition Financial. You can also download this free checklist for teaching financial basics to different age groups.
If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches. Plus, you’ll earn $100 just for opening your first checking account with Addition Financial!
Addition Financial also offers youth accounts to help your children handle their money at every stage. Through our Fun Bucks program, your kids get a quarterly bonus for saving. Learn more about the perks of credit union membership here.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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