Community News

Week Four

Nov 20. 17

Just like that we are in Week Four of Financial Literacy Month. This Week is all about teaching your children about money. We all know kids are little sponges ready to soak up everything we say and do and that includes how we manage our own finances! Here are a few tips to help teach your children about money

-Create positive attitudes towards spending, saving and investing by involving your child and modeling behaviours.

-Create a positive attitude towards saving by opening a savings account that pays interest so your child can see how the money in their account grows.

-Help kids set goals and learn how to budget. You can pick up a budget book at your local branch!

-Show children how to make smart spending decisions — avoid impulse shopping and learn how to shop around to compare features and prices.

-Consider whether or not to give your child an allowance and how an allowance could be used to teach money management skills.

-Provide opportunities to earn money through babysitting, snow shoveling or other chores and encourage teens to manage their own money.

-Find out what you need to consider before co-signing a cell phone contract with your teen.

-Is it a need or a want? Model smart spending decisions by avoiding impulse shopping

-Setting up your child’s first credit union account is a great way to learn about saving, spending and investing

-Setting an allowance amount can help kids learn the basics of budgeting and the value of hard work.

Click HERE to access a fun interactive page for your child to learn more!

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