Don't let kids get in the habit of money burning a hold in their pockets. A little bit of money can go a long way, which is why MSU Federal Credit Union is encouraging parents to help their children learn good money saving habits early through opening a savings account.
MSUFCU helps educate young people about money management and good saving habits. It’s important to start this education early as it will help set children and youth up for financial success throughout their adulthoods.
Allow children and youth to learn money management by doing: make deposits, withdraw money, and purchase items. This will not only teach basic money management skills but will also give them a sense of ownership and control over their earnings.
Teach credit basics by lending a young person a small sum of money if there is something he or she wishes to purchase but does not yet have all of the funds to do so. You can use this as an opportunity to show how the repayment process works by setting up weekly or monthly payments or automatic deductions from an allowance.
First, if they don’t have a savings account, help them open one. MSUFCU has several levels organized by age:
- Sweet Pea (0-2 years)
- Dollar Dog (3-6 years)
- Cyber Saver (7-10 years)
- Money Club (11-13 years)
- CU Succeed (14-17 years)
MSUFCU Youth Accounts detail:
- New members receive a free gift and access to free gaming apps.
- Members receive one coin for every $10 deposited into their accounts. They can then redeem these coins to purchase fun items in the Youth Store in ComputerLine.
- April is Youth Financial Literacy month. To recognize our Youth Account members and encourage saving habits, the Credit Union is hosting a savings contest and will have special gifts for all Youth Account members at the branches throughout the month of April.
To learn more about how to open a savings account, or to find a location near you, visit msufcu.org.