April is Credit Union Youth Month!
At Spokane Federal, we know our kids are our future. Learning how to help them become more financially successful at a young age is an important part of what we do. As part of Credit Union Youth Month, we'll be developing a Money Milestones timeline to help kids and their parents share important financial lessons to better prepare them for the realities of "Adulting."
Ages 0 to 12: Start to introduce the concept of earning and saving money. This can be as simple as allowing kids to pay for treats out of their allowance rather than simply expecting mom and dad to buy them anything they want. Get them started with some fun money games, too!
Ages 12 to 18: This is a great time to begin introducing the concepts of money management, budgeting, saving for a goal and tracking expenses over time. Perhaps open a checking account so they can manage their own purchases. Using a debit card and online banking to track their spending can be a great way for kids to learn about the relationship between spending money and declining balances.
Ages 18 to 22: By now, your young adult might be ready for more grown-up lessons like how to get a car loan and how to manage a credit card. Managing credit can be a confusing journey to start. Set them up with one of our Certified Financial Coaches FOR FREE to make sure they understand the basics of debt and credit history.
We want our members to have the knowledge and resources to make the smartest use of their money. Starting early and making sure those lessons stick is a great way to help prepare them for "Adulting".
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