Every April, National Credit Union Youth Month serves to encourage kids to develop healthy savings habits by making savings fun and exciting. Providing financial education at an early age can change a child’s entire future. The theme for this year’s Youth Month is “Save Small. Dream Big.” With financial stability in mind at an early age, a child’s dreams can be that much closer to fruition – dreams that can brighten the world around them with exciting opportunities.
Young people face a complex financial landscape in their futures, where technology has made spending as easy as ever before. It’s more important now more than ever to ensure our next generation possesses strong financial management skills.
Teaching children good money saving habits at a young age is a major pillar of parenting. Explaining important concepts such as saving, budgeting, and goals allows kids to start developing these skills early in life.
According to Investopedia, two thirds of kids received allowances in 2019. Allowances can teach kids the value of money and hard work, if work is involved. The goal is to teach them the importance of living within their means, a basic tenant of saving money and building financial success.
Tips on Saving Small
Part of being a better saver at a young age is knowing where your money is going. Tracking spending is a little easier for teens who have a bank or debit card, but you can also teach the old fashioned way! Have your little one write down their purchases each day and add them up at the end of the week. Encourage them to think about their spending patterns and how they can change them.
Other tips on saving small include setting savings goals and matching contributions. We all like when our employer matches our 401K, so offering incentives to save can really light a “match”. Do you remember the feeling of buying your first cell phone, laptop, or car? Saving with no end in sight seems pointless to a child, but setting a goal for something they love can help keep them motivated.
Youth Savings Accounts at Members Exchange Credit Union
Comprehending money (spending, saving, and budgeting) should start at a young age. That’s Why at Members Exchange Credit Union, we offer an easy way to save! While younger kids may be inclined to leave the banking to Mr. Piggy, real savings with real interest starts at your local credit union.
Our Youth Savings Accounts are a great way for parents to give their kids the opportunity to save and to manage their own money early on. It is never too early or too late to begin saving and learn financial responsibility. Anyone 17 and under can open an account at Members Exchange, with as little as a $1 deposit and there is no minimum balance to earn dividends! Here’s how to get started:
- Visit one of our branch locations
- Account must be opened with an adult joint owner and the adult needs to present an unexpired government-issued ID such as a driver’s license
- Social Security Card and Birth Certificate for the minor are required in addition to a driver’s license or state ID if applicable
- Must be eligible for membership with Members Exchange
Celebrate National Youth Month | Open a Youth Savings Account at MECU | Jackson, MS
Open a Youth Savings Account during the month of April and get $10!*
- Account must be opened in April
- A minimum of six deposits in the first six months must be made
- Ages 3-10
- Completed coloring sheet must dropped off at a MECU branch, or a picture can be sent to firstname.lastname@example.org
- Deadline for submissions April 28th
- The winner will be announced May 1st and will receive an art set
- Click here for the coloring sheet, or stop by any branch