Got Kids?
Money values and good habits are one of the most important lessons in preparing your kids for Real Life. But hey, we get that you’re probably just doing your best to keep them fed and happy and keeping up with school, whatever that looks like these days. So let us make your life easier…
Step 1: Make learning fun.
Our It’s a Money Thing and It’s a Money Thing Junior free series serve up fun, easy money-smart content for elementary, middle, and high school age kids. Blogs, videos, infographics, and comics make learning engaging. Topics include saving, spending, using a checking account, credit scores, budgeting, how loans work, and much more.
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Step 2: Introduce them to their account.
An important step in your kids’ financial lives is opening a credit union membership and savings account – the earlier the better. Kids start learning money values surprisingly young, so we recommend having your kids' savings accounts in place prior to middle school.
Coach your kids to save first, then spend. Have them deposit 25% or 50% of any money they earn or are gifted towards a longer-term savings goal. Are they asking for a new video game console or electronic device? Encourage them to practice goal setting and saving by making deposits into their savings account, then celebrating when they reach their goal.
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Step 3: The checking and debit card.
Once your kid hits high school, it’s time to start learning how to manage a checking account and debit card. At age 13, your teen can open a checking account with debit card, with you joint on the account (until age 18). With no overdraft protection privileges, a free youth checking is a great way to start learning healthy spending habits. You’ll also be able to monitor your child’s account in Online Banking or our Mobile App and instantly, or on a schedule, transfer funds between your account and theirs.
Plus with our Cards App, you can set limits on the types, amounts, and places your teen can transact with their debit card. Your child can also learn to monitor their account balance with our Mobile App and Text Banking. And you can, too!
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Step 4: Saving for college.
Thinking about saving for college for your child? Here are two strategies we recommend:
1. Where do I start?
The best place to start saving for your kids’ college or other secondary education is with our goal-savings Youth CD. With the option to add funds during the term of the CD, you can set regular recurring transfers via Online Banking to build your savings over time. With just a $100 minimum opening deposit, it’s easy to get started.1
What’s a CD?
Looking to earn good interest on your savings? Are you OK with the funds being held in a protected account (no withdrawals allowed without penalty until the account’s maturity date)? That’s a CD (Certificate of Deposit)!
2. I’ve already got a good start on my kids’ college savings. How do I take it to the next level?
Congrats! You’ve already been proactive in saving for your kids’ future. If you’re ready to take your savings plan to the next level, we recommend a no-cost, no-obligation consultation with our Kalsee Retirement and Investment Services Financial Professional.2
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More to Explore
1 Fees may reduce earnings. CDs are subject to early redemption penalties: 6-month CD, loss of 30 days' interest; 1-year CD, loss of 90 days' interest; 2- to 5-year CD, loss of 180 days' interest.
2 Kalsee Retirement and Investment Services Financial Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.
How Do I...
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