TVFCU joins credit unions nationwide to celebrate National Credit Union Youth Month throughout April.
"Together, we’re encouraging youth to open their own savings account (with a parent or guardian’s help), begin a habit of putting money into that account regularly and learn how compound interest helps their account to grow," officials said.
The theme for this year’s Youth Month is “Be a Credit Union Saver and Your Savings Will Never Go Extinct.”
"With digital payments increasing, it can be hard for children to understand how financial transactions happen," officials said. "It is important to let them know how digital payments occur and where the money comes from. Explain that parents earn money by working. Then the money earned is used to pay for food, clothes, transportation and housing. After all expenses have been paid, some money is saved for bigger purchases, emergencies and added to the child’s college fund.
"Lastly, some extra income can be used for fun things like trips and toys. Saving money will never go extinct."
Here are five tips for how to teach children the value of a dollar in today’s digital age in honor of National Credit Union Youth Month.
1. Use Tangible Money
- Save food packaging and use a play cash register or a cash box to play store. Teach younger children the
value of the coins and have older children create product prices and tally their purchases.
- Give children an allowance in exchange for them completing basic chores.
2. Encourage Saving, Spending and Giving
- Create spend, save and give jars for children to visually see their allocations. Get creative with these jars.
Use Mason jars or old plastic jars. Then decorate them with glitter, paint, stickers — whatever you have
on hand to help your child have ownership in the project.
3. Talk Early About Money
- Talk to your children about how they might spend their money received from gifts, chores or jobs.
Encourage them to invest in their future by saving a portion of the funds received and initiate a
conversation about how they might help others by sharing. This will help them grow into financially
stable adults.
- Visit https://www.usmint.gov/learn/kids for videos about how coins are made. The site is filled with
resources, including videos, games, activities and coloring pages.
4. Consider Opening a TVFCU Perks Checking Account
- A great way to teach financial wellness is to practice it. Consider opening a TVFCU Perks checking
account for youth who are 12 and older. The account will give teens a sense of independence while
parents will have peace of mind by being able to monitor the account.
5. Lead by Example
- You are your child’s biggest role model. Be sure to model health financial habits as much as possible. It is important to have “kitchen table money conversations” in front of children.
Follow TVFCU on social media for Fun, Financial Friday Financial Conversation Starters for Families throughout the month of April.
"This might be a good time to start your child or grandchild on a path to savings," officials said. "Our Youth Savings Account is available for children and youth under 19 years of age. To open an account under the child's name, present a Birth Certificate and Social Security Card at the time of opening. For swift service, consider using the tvfcuLIVE Stream App from the comfort of your home and video chat with a TVFCU personal agent."
For everyone who opens a Youth Savings Account from Thursday, April 1, to Friday, April 30, their name will be entered into a drawing to win one of five $100 cash giveaways.
Learn more at https://www.tvfcu.com/personal/personal-savings/youth-savings-accounts.html.