Money might seem like something only grown-ups talk about, but teaching kids about it now can help them to make smart choices as they grow. Imagine them wanting a new bike or toy - wouldn’t it be great for them to know how to save for it? Learning how to earn, save, and spend wisely is important. And guess what? It doesn’t have to be confusing or boring!
Welcome to the Cool Kids Club
PSECU is like a cool kids club for saving money! As a credit union, we don’t just keep your kid's money safe, we help them learn how to manage it wisely. No matter their age, there’s an account made just for them.
Youth Savings. Just starting out? A Youth Savings account, designed for kids up to age 12, is the perfect way to watch your money grow while teaching the basics of saving. Every time you deposit money into their account – whether it’s from birthday gifts, chores, or an allowance – you’ll see it add up over time.
Teen Banking. Is your teen ready for more control over their cash? A Teen Banking account, for ages 13 to 17, gives them the tools they need, like a checking account and debit card, to manage their money like a pro, all under your watchful eye, of course.
These two youth account options put your child well on the way to being a money expert!
Think of a savings account like a piggy bank or treasure chest - except even better! Every time you deposit money into their account, it’s like adding treasure that grows over time. Instead of just being held in an account, their money earns extra while building their savings. The more saved, the bigger their treasure will be!
If your child has ever played games at an arcade, they know the thrill of collecting tickets and deciding what to trade them for. Do they grab a small prize or save up for a large prize? The same decision-making process applies to money. Encourage your child to pause before they buy something, by asking: “Is this the best use of my money, or should I save for something even better?” Just like in an arcade, learning to save for a bigger reward can be much more exciting than spending it all at once!
Running a lemonade stand is a rite of passage in American childhoods. And, this is a great activity for learning about smart money choices - it can be a great example of what to do with your money when you earn income. Once they've earned some cash from their stand, help them evaluate what they plan to do with it: buy more lemonade supplies, put some away in savings, set some aside to spend. Guiding them on how to balance spending and saving money now, will help them develop smart money habits for the future!
See? Learning about money can be fun! The more your child practices earning, saving, and spending wisely, the easier it will be for them to reach their goals. Building good financial habits early sets them up for success. And the best part is, PSECU is here to help you guide them along the way! Want to help your kids learn more? Get money management tips and tools from our Resource Center.