How to Convince Your Kids to Get Serious about Financial Responsibility
Financial responsibility is one of the greatest lessons you can teach your children. You don’t have to wait until your kids are entering their teen years and getting their first jobs to start talking about money. Even very young children can grasp basic concepts about saving and budgeting. At GCS Credit Union , we support parents’ efforts to create fiscally savvy kids with our range of youth accounts. Here are some ways you can convince your kids to get excited about managing their money:
Set Long-Term Goals
When your kids save up their money for special purchases and then actually get to go out and buy what they wanted, they learn that saving money comes with rewards. Help your kids pick out something special that they want, and then work out a savings plan to get to that goal. The trick is to not bail them out if they veer off-course along the way. For instance, if one of your kids is saving for a scooter but dips into his or her money for a new video game, let him or her experience the feeling of missing out on getting the scooter as quickly as anticipated.
Choose Age-Appropriate Savings Methods
For young kids, a piggy bank is a great way to save money, because it allows kids to watch their progress with savings. By age 10, kids are ready to handle the concept of saving money in a credit union account that earns interest. Be sure to count piggy bank money or check account balances regularly to show how their savings are growing.
Be an Example
Your kids will emulate your spending habits, so involve them in your financial decisions. Show them some of the bills. Ask them to help you do price comparisons on big-ticket items. Take them with you when you visit the credit union.
At GCS Credit Union, we want all of our members to find financial stability for life. This is why we offer a variety of accounts and products, including checking accounts, debit cards, auto financing, and more. Learn about our O’Fallon credit union services , including incentives for kids, by calling (618) 797-7993.