Unity One Credit Union

Unity One CU informs: Should you give your kids an allowance?

Thu, Feb 14, 2019 @ 04:07 PM / by Alyssa Guillory posted in savings account, credit unions for kids, Unity One Credit Union

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Written by: Jeremiah Tucker. Originally posted on the CUNA Financial Resource Center.

Do you pay your kids an allowance? Should you? And if so, should they have to do chores to earn it?

As more people recognize the importance of financial literacy for children, experts are debating how most children are first introduced to the concept of money—the weekly allowance.

Ron Lieber, personal finance writer for The New York Times, says he and his wife pay their 7-year-old daughter $3 a week, no chores necessary. One dollar goes in a “save” jar and one goes in a “give” jar for a cause of her choosing. The final $1 she can spend as she wants. Lieber argues that an allowance is a teaching tool and making it contingent on chores muddies the issue. What if the children decide they don’t want money? Do they still have to do the chores?

Lewis Mandell, professor emeritus at the State University of New York, Buffalo, however, says unconditional allowances are a “terrible idea,” citing a study that showed kids who received a regular allowance with no work involved left high school knowing less about personal finances than kids who received no allowance.

According to a 2016 survey by the American Institute of CPAs, 68% of parents pay an allowance and require their children to work for it. On average, kids are completing chores about 6 hours per week and earning approximately $4.43 per hour.

The AICPA’s National CPA Financial Literacy Commission believes allowances (with or without chores) are a good way to teach children financial responsibility and encourages parents to talk to their children about good financial habits.

Here are a few tips to help you teach your own children how to manage money:

  • Use the allowance as a tool to reinforce good money habits from an early age. Talk about finances early and often, and set a good example. 
  • Consider matching their savings. To encourage savings, tell your children for every $1 they set aside for long-term goals, you’ll match it in their savings account. Then let them watch the money accumulate. 
  • Gradually introduce them to financial products. Start by depositing their allowance into a piggy bank, then a savings account, and later a share draft/checking account. 

Kids who learn to manage money at an early age are better prepared to handle their finances when they leave home. And, ultimately, teaching children good financial habits is a sound investment for parents; your child is less likely to find themselves in dire financial straits, needing you to bail them out. 

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Credit union informs: Students celebrate Texas Arbor Day

Thu, Nov 13, 2014 @ 03:37 PM / by Alyssa Guillory posted in credit unions for kids, Unity One Credit Union, Washington Heights Elementary

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Texas Arbor Day - Washington Heights ElementaryUnity One Credit Union recently partnered with Fourth Grade Foresters USA to donate 65 evergreen trees to Washington Heights Elementary fourth grade students in honor of Texas Arbor Day.

Typically celebrated in April, the State of Texas recently amended its Arbor Day to the first Friday in November to assure the health of the trees. This year, Texas Arbor Day was celebrated on November 7. 

Each fourth grade student at Washington Heights Elementary received one evergreen tree as well as planting instructions. 

“We believe it’s important to teach students to be conscious – whether it’s environmentally or financially,” said Cynthia Huerta-Aguirre, branch manager at Unity One’s Stockyards branch. 

“Teachers are able to provide valuable hands-on lessons about the importance of trees and global warming, all without having to worry about the cost themselves,” she said.   

Unity One selected to partner with Fourth Grade Foresters USA as they fit the credit union philosophy of ‘people helping people.’ All trees donated were packaged for distribution by workers with disabilities.

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Credit union informs: Unity One opens two student-run branches

Fri, Oct 17, 2014 @ 10:57 AM / by Alyssa Guillory posted in credit unions for kids, Unity One Credit Union, Fossil Ridge High School, Washington Heights Elementary

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Last week Unity One Credit Union celebrated the grand opening of not just one but two local student-run branches. Washington Heights Elementary

The first branch, located at Washington Heights Elementary in the Fort Worth ISD, is run by fourth-grade students. These students were nominated by their teachers for their academic performance. Over 300 students (nearly 85 percent of the student body) have opened a savings account available at the school. 

“It’s amazing to watch the excitement of the students each week as they learn new skills such as receiving deposits and balancing a cash drawer,” said Cynthia Huerta-Aguirre, branch manager at Unity One’s Stockyards branch.

“Teaching students the importance of saving early will help them later in life, and that’s our number one goal, ” she said. 

The second branch, located at Fossil Ridge High School in the Keller ISD, is run by students every Friday during their lunch periods. Students apply for the position and are trained at Unity One’s North Tarrant branch for two weeks prior to the grand opening. 

“These students have shown a commitment to working hard and learning skills to help them in their future jobs,” said Kathy Jones, branch manager at Unity One’s North Tarrant branch.

“These tellers sacrifice their lunch each week to help other students achieve their financial goals,” she said. 

Both student-run branches are open throughout the school year. Students, and their parents, at both schools are eligible for membership with Unity One Credit Union. 

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Credit unions for kids: $5 makes a difference!

Tue, Jul 24, 2012 @ 04:49 PM / by Erayne Hill posted in credit union, credit unions, credit unions for kids, children's miracle network

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On August 14, the Fort Worth Chapter of Credit Unions will be hosting its annual fundraiser Shake, Rattle and Bowl benefitting CookCreditUnionforKids CMNH color Children's Medical Center in Fort Worth. Last year the 42+ credit unions in the Chapter raised over $100,000 for the Children's Miracle Network and the hospital, and the goal remains the same for 2012. Unity One Credit Union is challenging its employees, friends, partners and members to raise at least $500 just through online giving. Donate as little as $5; every dollar raised directly impacts the life of a child and his/her family.

Credit unions have always been champions of the communities they serve, and the bowl-a-thon and other efforts to support the Children's Miracle Network are definitely examples of that commitment. Join us.

 http://giving.cookchildrens.org/goto/unityone

 

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