Polam Federal Credit Union is passionate about our youth’s education and financial responsibility. Teaching children how to save for their goals at an early age prepares them for one of the most difficult finance behaviors to learn – being a consistent saver.
Here are a few creative ideas to help your children learn about savings while having fun:
- Have your children sort different types of currency into piles based on color or size. This will help to create awareness of denomination.
- Everyone knows a child who has wanted to play “store” or “credit union.” Showing kids how to exchange a product such as lemonade for money is a great way to introduce the purchase process to your children. Summer is approaching so let’s get those lemonade stands ready!
- At a retail store, let your children have fun shopping with you. This is a great opportunity to teach them about price ranges for certain items as well as how to comparison shop.
- Should you decide to pay an allowance to your children, why not involve them in the decision? This could be a great time to discuss ways to allocate their allowance. One idea is to have part of their allowance set aside for fun things like movie tickets or go-cart racing, and the other part allocated for savings.
- Once children reach an older age or enter the later years of high-school this could be an opportunity to establish your spending limit on certain items such as a new phone or tablet. Often times when the responsibility for buying items is passed on, the “newest” items become less important.
At Polam Federal Credit Union we care about our members and want to ensure their financials goals are met, even at an early age. Talk to your local Polam Federal Credit Union branch about opening a savings account for your child today!