Credit union informs: Youth get wild about saving!

This April, youth can take a walk on the wild side at the credit union. Whether they’ve been to the jungle or not, the call of the wild is enticing to youth of all ages. This year, they can check out the credit union’s financial menagerie without a trip to the banking zoo. 

During the month of April, youth will have the opportunity to go on safari at the credit union as Unity One Credit Union celebrates National Credit Union Youth Month™. This year's theme, “Wild About Saving™,” encourages youth to use resources available at the credit union to help them cut their way through the jungle of financial responsibility. Before long, they’ll be leading their own savings safari. 

So bring your zoologists into Unity One, and get them wild about saving! 

 

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Credit union informs: Money skills for youth

Children can learn money skills as early as age 3! Here are just a few tips to help young credit union surfer savers Catch the Save Wave™:

* Have young children—preschool age—sort different types of money into piles by color and size. YM2014 FBbanner

* Play grocery store or credit union/bank. Help them use a pretend cash register.

* At the grocery store, let youth of all ages help you shop. Teach them how to comparison shop. For example, show them that for every $4.85 box of cereal, there may be similar brands on sale for half as much.

* As youth get older, let them know what things cost. Share sales receipts for items you’ve purchased for them and for bills you’ve paid.

* If you decide to pay an allowance, include youth in the decision-making process. Discuss allowance amounts and expectations. The amount is your call, but ask for their input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing or charity. Clarify what you'll pay for and what they are responsible for. For example, when you're at the movies, maybe you agree to pay for the ticket, but the Milk Duds are on them.

* As youth reach high-school age, reexamine the rules. Clarify what you will pay for and what your teenager is responsible for. For example, your teenager may want the newest cell phone that comes with a high price tag, so establish your spending limit. If she still wants the more expensive version, have her make up the difference. Oftentimes, once the responsibility of paying for items is on the teenager, the "latest and greatest" isn’t so important.

Get youth started on the right track financially. Bring them in to Unity One Credit Union—we have more ideas to help you raise children to be financially savvy young adults.

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Credit union informs: youth savings accounts

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. Only 35% of teens know how to balance a checking account or manage credit cards. During the past several years, a decline in overall financial knowledge is especially pronounced among 18-year-olds, and 13% fewer teens have bank accounts.*

Achieving economic prosperity is difficult, and it's especially hard for young people who've never learned how to manage money. Full Color Surfboard Logo JPEG

Your credit union is ideally positioned to respond 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 and philosophy of self-help make Unity One Credit Union and all credit unions a natural partner in pursuing financial security.

We're here to help. For more information, contact Unity One Credit Union.

*2011 Teens and Money Survey, Charles Schwab

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

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