
April is National Credit Union Youth Month. The theme for 2022 is Save Small, Dream Big at your credit union. This month serves to encourage kids to develop healthy saving habits by making saving fun and exciting. CUNA or the Credit Union National Association is behind its creation. CUNA works to advocate for credit unions and their members on Capitol Hill and empower credit unions with initiatives like Youth Month.

There are different ways to introduce kids to the responsibility of money based on their age. At ages 3 to 6, children learn by example. Talk to your little ones about your day-to-day purchases. You can even engage them by letting them make small purchases of their own. This helps them understand the process of spending money.
Allowances are most beneficial at ages 6 to 12. It teaches them about responsibility and the consequences of poor financial decisions. Of course, there are other alternatives, like money rewards for good grades or behavior that goes above and beyond what is expected. Along with earning, they can be introduced to the cost of spending. Let them shop with their newly earned income but remind them that spending takes them further away from a larger purchase, like a bike or video game.

Ages 13 to 16 is a good time for a first checking account. Having a checking account will give your teen a jumpstart on learning how to utilize money management tools to keep track of their purchases and properly balance their budget in a safe financial environment with your guidance.
Planning for a financial future should be addressed at age 17+. If they plan on attending college talk to them about loans, scholarships, and grants. Let them know about FAFSA. If college is not something they want to do there are still options to save for the future. Talk to one of our member service representatives about a Money Market account, Certificates of Deposit (CD) or even an Individual Retirement account (IRA).
The future is full of uncertainties, but money does not have to be one of them. It is never too early to start saving.