We're Celebrating Youth Savings Month

Youth Savings Month

At Oregon Community, it is our goal to be your lifelong financial partner.  We’re here to walk you through all your first financial steps in life like opening your first savings account, buying your first car and financing your first home.

Every April, we celebrate our youngest members and promote financial literacy among youth in the community as part of National Youth Savings Month. During the week of April 22-28, all branches will offer fun children’s activities to promote saving and financial education.  Festivities include branch tours, prize giveaways and financial literacy presentations. By teaching kids about personal finance and budgeting, they will learn how to be super savers by the time they’re teens and how to make smart financial decisions as young adults.

But that’s not all! This year, OCCU is participating in the National Youth Saving Challenge*. Kids who make a deposit into their credit union savings account any time during the month of April are eligible to enter a drawing sponsored by the Credit Union National Association (CUNA). 10 lucky winners will receive $100.

Start the conversation with your kids now! Here are a few tips:

  • Have young children sort different types of money into piles by color and size.
  • Play grocery store or credit union/bank. Help them use a pretend cash register.
  • At the grocery store, let kids of all ages help you shop. Teach them how to comparison shop. For example, show them that for every $4.99 box of cereal, there may be similar brands on sale for half as much.
  • As kids get older, let them know what things cost. Share sales receipts and bills that you receive for items or services you've purchased for them.
  • If you decide to pay your kids an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for. The amount is your call, but allow them input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing. Clarify what you'll pay for and what they should be responsible for. For example, when you're at the movies, maybe you agree to pay for a small drink and popcorn, but the Milk Duds are on them.
  • Show children what compounding interest means. Explain that as kids save, they're constantly earning dividends on their savings—on top of that, they're earning dividends on their dividends.
  • As kids reach high-school age, clarify what you will pay for and what your children are responsible for. For example, your kids may want the newest cell phone that comes with a really high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items are on kids, the "latest and greatest" aren't so important.

Our Lucky Duck program is perfect for first-time savers (12 and under). Stop by one of our branches for more information.

*Click here for official rules.

Comments

Thanks for that meaningful

Thanks for that meaningful comment on 4/6, Anonymous. I appreciate OCCUs attempts to make savings interesting and fun for kids.

When it comes to #2, there

When it comes to #2, there are a number of new web sites that let parents play credit union / bank with their kids in a real, hands-on way as a way to teach good money habits early on. FamZoo is one and here is a complete list with lots more: http://list.ly/list/oD

lucky duck bucks are a joke -

lucky duck bucks are a joke - do something worthwhile for the kids

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