Tuesday, April 26, 2016

Encourage Your Kids to Be "Money Smart"

Are your kids on the right track to financial independence? For many of today's young adults, the weakest link lies in learning the basics. Achieving economic prosperity is difficult, and it's especially hard for young people who've never learned how to manage money.

By instilling the habit of saving at a young age, offering positive encouragement, and providing financial education, we can prepare our community’s youngest members for brighter futures by helping them grow into financially capable adults. This means having the money skills to embrace an awesome future, and making our communities better. That’s why Community Financial takes our mission of helping youth so seriously.

Community Financial Credit Union is ideally positioned to help our young members because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence, and here’s how:
  • Join. For starters, open a credit union savings account for each child in your family. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions.
  • Share. Include your children in household money discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell phone plan, calculating the total monthly cost of owning a car, or sticking to a budget for back-to-school or holiday spending. 
  • Coach. Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service makes us a natural partner in helping you gain financial security. 
From April 23-30 Community Financial celebrated Money Smart Week. Money Smart Week is a public awareness campaign to promote financial education across all age groups. Launched in 2002 by the Federal Reserve Bank of Chicago, the program is now active in more than 45 states. Find local events by visiting moneysmartweek.org.

Remember it’s never too early or too late to learn about managing your personal finances! Find out more about our youth services and Student-Run Credit Union program at cfcu.org/youth.

No comments:

Post a Comment

Community Financial Credit Union, P.O. Box 8050, Plymouth, Michigan 48170-8050;
© Community Financial 2013
Federally insured by NCUA.
Equal Housing Lender
Additional coverage provided by ESI.
Federally insured by NCUA.