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Teaching Kids Smart Money Habits

GECU Financial Minute
GECU

(Sponsored Content) It’s never too early or too late to teach the kids in your life about money habits for a successful financial future. Having a healthy relationship with money throughout your life can start in childhood, and you can help the children in your life get there with these tips!

START SIMPLE

Make teaching kids about finances simple by having conversations during everyday activities that involve money like including them when you build your budget, pay your bills, balance your checkbook or go grocery shopping. You can explain to them the process for each activity and answer any questions they have. After having kids watch and follow you several times, you can have them lead the next money activity with your guidance.

EARN MONEY

Children can begin learning about managing money by giving them an opportunity to earn a weekly allowance when they perform age-appropriate chores at home. Whether it’s getting a first job or doing household chores, finding a way for kids to earn money teaches them the value of hard work and helps them gain valuable life experience.

GUIDE THEM WITH SPENDING

Help children through creating a simple budget where they can control and track their spending. They’ll start seeing where their money goes and they’ll be encouraged to save more toward their goals!

OPEN A YOUTH ACCOUNT*

Get kids started on the road to financial success by signing them up for the Miners Kids Club presented by GECU** or by opening their first GECU youth checking*** and savings accounts. Having their own accounts is a great way for kids to gain real experience about managing money.

INVEST FOR THE FUTURE

Saving for the future is an important habit for kids to develop for financial security. A head start on learning about saving money could be setting a small goal — like buying a new toy or doing a family activity — and saving coins for it in a glass jar or depositing money into their youth savings account.

START SAVING FOR COLLEGE

Talk to your children about the importance of saving for their future education and plan together on how to start. Open an education savings account that works best to achieve your plan and don’t forget to encourage kids to take advantage of scholarship and grant opportunities.

Learn more about our youth accounts’ features and benefits at gecu.com! Invest in a child’s future by opening a GECU youth account by calling 915.778.9221, toll-free at 1.800.772.4328.

*Learn how to become a member at gecu.com.

**A Miners Kids Club membership is required to open a GECU Miners Kids Club Youth Savings account. A minimum opening deposit of $20 will be funded by GECU at account opening. APY (Annual Percentage Yield) of 0.15% is dependent on the share account opened and is accurate as of the last dividend declaration date. Rates may change after the account is opened. Rates are accurate as of April 26, 2022. Limit one account per Miners Kids Club membership. GECU will provide tax reporting to recipient and Internal Revenue Service. ***Must have a GECU share account to open a checking account. A one-time deposit of $20 in a GECU share account is all it takes. Youth checking accounts are available for children 16 to 17 years of age. The Club is for children 12 years old and younger.

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