The ABCs of Raising Financially Smart Kids
Even before they arrive into the world, you already have big hopes and dreams for your kiddos. From helping them with homework, to encouraging them to try new things and making great friends - you do everything to set them up for a successful future!
When it comes to teaching your kids about finances, you’ve got a trusted partner with RVCU. Every April, we celebrate National Credit Union Youth Month to plant seeds of financial wellbeing at an early age. This April, we’ve launched our Wags Kids Savings Club in addition to sharing the ABC’s of raising financially smart kids!
A is for Age
At age 7, most kids have already observed and developed some financial habits. Yes, that early in life! Don’t panic. Here are some ways to begin teaching them the value of a dollar.
Birth to Age 5 - Let’s play!
Incorporating numbers and counting whenever possible with games and songs is an easy way to help kids understand number valuation.
Age 6 - Save, Spend, Give
Around this age, most kids are ready to start earning an allowance by taking on household chores and responsibilities. As they start to earn money, help them understand dividing their earnings into saving, spending and giving buckets. This is also a great time to open their first savings account. RVCU has a special account just for kids! Check out our Wags Kids Savings Club!
Any Age - Let’s Shop!
The next time you make a grocery run, take your kids with! Talk about your budget and why you choose certain brands and show them how to apply coupons and spot deals.
B is for Being a Role Model
Each year, the RVCU staff conducts several financial presentations to hundreds of school-aged children. During our presentations we meet amazing kids who have big aspirations and we’re always blown away by their goals. We’ve also learned how frequently kids are misinformed about finances through unreliable sources. Here are some quotes kids have shared with our staff:
“When I was 12, my uncle took out a cellphone using my information. I didn’t know that he wasn’t paying it on time and went into collections, so by the time I was 18 I already had horrible credit.”
“I have never had anyone explain to me what savings is or what a budget is. Money is not something we talk about at home.”
“I feel sad when I can’t get things that I want at the store. I see my friends with cool things, and I want them too.”
Money is a tough subject at any age. The RVCU staff is here to help empower parents and caregivers to set good examples of healthy financial habits and conversations for their kids.
We offer our members complimentary financial coaching services to help pay off debt and build healthy financial habits. Connect with one of our certified financial coaches by sending us a message in our chat feature during regular business hours, completing our online form, or calling us at (815) 282-0300.
C is for Credit Unions
Members are the backbone of all credit unions! We’re big believers in people helping people and jump at the chance to help our communities during times of crisis. It’s especially important for kids to understand that credit unions are here for wherever life takes them.
Here are a few of many credit union membership benefits:
- Lower interest rates on loans and credit cards
- Profits returns in the form of lower fees and better technology
- Member and community financial education is a priority
The earlier your child becomes an RVCU member, the more they’ll build lifelong financial knowledge and smart habits surrounding money.
Help your child take their first financial steps by checking out our Wags Kids Savings Club or becoming a member today! Taking this important step is a gift to your child’s future financial wellbeing.