Saving, spending, budgets, and goals are all important concepts parents should explain to their kids at an early age. Researchers say a child can grasp the meaning of money as early as age three. Teach them at a young age the importance of money, while making it easy and fun to save money.
Using games to help kids save money can be fun, but they can also be learning tools. There are fun activities you can encourage your children to participate in, such as piggy banks or savings jars, and allowances placed into their own savings account, earned for chores performed (the chore part isn’t fun, but seeing their money grow is!). Older kids can play vintage board games like The Game of Life and Monopoly, while the young ones attempt to master The Game of Life Junior and Monopoly Junior. These games not only entertain, but they can help kids experience turning points in their lives and understand how to make smart choices for things like a college education or buying and selling property or a home. These games might even inspire them to begin thinking about what they want to be when they grow up. Online games and apps are popular now, too. Peter Pig’s Money Counter, Wise Pockets, Money Metropolis, Playback, and Financial Football can all be good teaching devices for both kids and young adults.
Perhaps the most important concept of saving and setting goals is to just begin a conversation. Children can learn the value of money, why it is crucial to save, and how to be patient and wait for their money to grow. Teach a child that instant gratification oftentimes leads to poor decisions and serious financial outcomes.
Keep the conversation going, and check out the options VacationLand has to offer to reinforce your perspective.
- Our Dollar Dog Kids Club savings account rewards kids 12 and under for saving. They also receive a bonus dividend for birthday deposits and are eligible for fun activities and contests during Youth Month.
- Our Youth Club Account for teenagers 13 to 19 offers an option for saving their hard-earned money from a job or holiday monetary gifts.
- The Campus Connection Club provides college students with access to their money regardless of where they are by using our mobile app, online banking, and CO-OP Shared Branch networks. They also benefit from waived minimum balance fees.
- Youth Share Certificates provide an option to earn more interest with a low minimum required deposit and a short 12-month term. These certificates roll over until the member turns 19 years old and are an easy way to save for college, car, or other life expenses. Visit our rates page for more details.
- Financial Empowerment online educational modules are available on our website and are free to anyone! These learning tools are broken down into 5-8 minute segments and cover financial topics for every stage of life. Available in English and Spanish, you can choose which topics interest you and learn when it’s convenient for you.
April is National Credit Union Youth Month, but financial literacy should extend beyond. You have VacationLand as your partner to help encourage good financial habits in our young members. They are never too young, or old, to learn. Get started today, and always feel free to reach out to us if you need help!