Teach Your Kids Wise Money Skills

Teach Your Kids Wise Money Skills

It is important to us to make a difference in the lives of the individuals and families who use our credit union—and the community we share. Westerra is committed to furthering financial education and helping teach kids wise money skills.
Here are a few ideas to consider to help your kids be money smart:

  • Empower your kids to manage their own money. Let your child play an active role in how money is used by offering them an allowance. As a parent, the key is consistency – be sure to keep your promise of paying your kids an allowance, no matter the amount. This demonstrates the importance of timeliness and indirectly shows your kids they will need to pay (their future credit card bills, for example) on time too! However, it isn’t advised to use it to discourage bad behavior.
  • Encourage your kids to give back. Giving to charity is fun for kids because they are instinctual givers. In addition to having your child donate money (to a charity of their choice), make philanthropy more enjoyable by getting the whole family involved. Volunteer together at a local soup kitchen or participate in a fundraiser that you and your family are passionate about.
  • Make your own gifts instead of buying from the store. You can still give generously while saving money by creating your own homemade gifts. You and your children can make food mixes, candles, fresh-baked bread or cookies, soap, and many other things at home inexpensively.
  • Check out books, magazines, music, and DVDs at the library. Swing by your local library to check out the latest books, magazines and music! The more your family borrows, the more money you’ll save over time! Alternately, if you’re trying to clean house you can easily sell or donate books, CDs, and DVDs your kids have outgrown at second hand or consignment stores.
  • Turn grocery shopping into a teachable moment. This is a great opportunity to teach kids about comparison shopping. Teach children how to shop by value rather than brand. Remember to always shop with a list. Shopping with a list helps children understand how prior preparation can lead to great savings in the end.

You might also be interested in:
Open a Savings Account for a Child

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