Youth to Give a Hoot About Saving™ at WESTconsin

Posted: April 5, 2017

Youth to Give a Hoot About Saving™ at WESTconsin

April is National Credit Union Youth Month™

Learning to save for what you want in life is a crucial life skill, but it is one too few young people are learning. That is why for financially literacy month in April, WESTconsin Credit Union will focus on helping young people develop good saving habits.

WESTconsin offices are celebrating Youth Month™ by hosting several on-site and off-site financial literacy activities within each community. Families are encouraged to stop by their local WESTconsin office during Youth Month™ Focus Week, April 17-22, for games and learning activities. Youth who bring in a deposit during the month of April will receive a school kit. Visit $MART Financial Literacy at westconsincu.org for complete details and valuable online resources.

Teach Your Little Owls to Fly With Money Talks

The first step to teaching your kids about money is talking about money.

“The most effective way to teach is by having frequent discussions and don’t ever lecture,” said Ted Beck, president and chief executive of the National Endowment for Financial Education, in a recent Wall Street Journal article. “Look for teachable moments and always be willing to answer questions.”

Unfortunately, this can also be the hardest.

A 2015 T. Rowe Price survey found that 72% of parents experienced at least some reluctance to talk to their kids about financial matters, and 18% were either very or extremely reluctant. The most common reasons given were that the parents did not want them to worry about financial matters or thought they were too young to understand.

But on his blog, the personal-finance guru and radio host Dave Ramsey encourages parents to be more open with their kids about money, even their failures. Parents’ biggest regrets are often not saving enough or going into too much debt, wrote Ramsey. Being honest about that in an age-appropriate way, he stated, can be a powerful lesson.

So how to start the talk?

  • Ask questions. If you are going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.
  • Make them part of your budgeting. If you’re doing any kind of financial planning for the year, solicit input from your kids. Enlist them in your saving goals—no one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions high level, but involving them makes money less abstract.

Opening a savings account for your kid is the best way to help him or her learn to save for what he or she find meaningful in life. A lifetime of good savings habits can start now!

We are here to help. For more information, visit your local WESTconsin office, call (800) 924-0022 or visit westconsincu.org/$mart/youth-month-2017.

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