Happy National Credit Union Youth Month™!
Every April, ACU celebrates National Credit Union Youth Month™! We are celebrating our young credit union members, encouraging them to picture their future and start saving. Getting kids to save money, rather than spend it, can be a challenge. But encouraging them to save a reasonable amount, like 20-25%, will teach them healthy savings habits. They’ll quickly understand that 75% of their money is plenty to enjoy! Here are some strategies you can use to encourage saving:
- Children learn by example; if they hear you talk about saving or budgeting, they’re much more likely to do so themselves. Take them to the bank with you so they can see you physically saving money. When saving money is something they deem normal, versus out of the ordinary, it’ll become second nature to them.
- If they have something they really want to purchase (a new video game, bike, cellphone, etc.), sit down with them and discuss the monetary value of the item and how much they must save per week or month to earn it. This might encourage them to seek out productive tasks around the house to earn more cash quickly.
- Match their savings, partly or 100%. They’ll be motivated by the potential to double their money!
Ready to start saving? Make sure you choose a savings account that will work for you and your kids. At ACU, we offer the Tree Fort Club Savings Account for kids under 12; it not only makes it easy to save, but it’s also fun! Kids are rewarded with prizes when they reach certain deposit levels, and the minimum deposit is one dollar. Start saving today – visit your nearest ACU branch to apply. Kids between the ages of 13 and 17, can opt for a Teen Savings Account. Along with their very own Savings account, the Teen Checking Account teaches responsibility and all the banking basics so they’re ready for the real world once they turn 18. Learn more about our Teen Accounts and visit one of our branches to apply.
Once they start saving, make sure to share with them how much they’ve accumulated. Watching the balance grow and knowing how much closer they are to their goal, will encourage them to keep saving!