Welcome to week three of Credit Union Youth Month. This week, we are going to take a closer look on ways that you can instill great financial habits in kids ages 8 to 10.
HAVE A COMPETITION
Split the family into teams and see who can save money the fastest. Find a way to measure that will keep everyone on equal footing. For added incentive, there could be prizes at the end. For example, the ‘losers’ could be in charge of one of the ‘winner’s’ chores that day, such as unloading the dishwasher or taking the dog for a walk.
MAKE GOALS TOGETHER
Sit down as a family and come up with your savings goals together. This could be for a vacation, cutting down on the electricity bill, or a new TV for the living room. Make sure the goals are realistic for your budget.
HAVE A BUDGET
Even if they don’t have many expenses, kids should still keep track of where their money is going. They should make note of all of their expenses, no matter how small. This is especially important when they are using a debit card or a check to ensure they don't overdraft on their account. Whenever they earn money, it should be a priority to budget paying themselves first and putting that money into their savings account.
IMPORTANCE OF GIVING BACK
At this age, your child should be able to more fully grasp the concept of charity and giving back. Try to find causes that align with your children’s interests or issues for which they’ve expressed concern. Kids are born with an inherent sense of compassion, so use opportunities of charity to nurture these instincts.
During the month of April, if you open a Dollar Dog Account, CD under a Dollar Dog, or Teen Checking, your child will receive $5 to open their account. Plus, they’ll be entered to win a special prize pack where they can pick from: a Family Pass to Hogle Zoo, Family Pass to Loveland Aquarium, Family Pass to Thanksgiving Point, or a National Parks Pass. Click here to schedule an appointment at your nearest branch or contact us at 801-260-7600 to open an account for your child today.