It’s never too early to start teaching your child or teen good financial habits. That’s why FORUM celebrates National Credit Union Youth Month™ in April. This is the perfect opportunity to focus on the financial needs of young people and teach them the benefits of saving money and setting financial goals. FORUM is committed to helping kids become financially aware and instilling strong financial habits.
When you teach your kids about money, it’s okay if you don’t have all the answers. It’s also all right to let them know where you could have done something differently in your own financial life. Open and honest conversations will lead to the best results. Starting the conversation is the first step. Ask questions to find out what your kids already know or think about money, and let them know it’s okay for them to ask questions, too. Include them in conversations about family goals and budgeting. This will help them understand that sometimes goals require sacrifices (ex. not going on vacation one year so that college tuition can be paid). And it’s fine not to discuss specific numbers if you’re uncomfortable with that. What’s important is discussing concepts like saving, budgeting, paying off debt, goal setting, and giving.
Opening an account that is just for your child is another great way to get them involved and teach them early money concepts. FORUM offers a full suite of youth accounts, including the Sprout Account
. This account is designed to help you save money for important future expenses including education. Plus, it features a competitive dividend rate and FORUM will match 10% of deposited funds per calendar year at different tier levels. * Members who open a new Sprout Account with at least $50 during the month of April will receive a special gift while supplies last. And, newly opened accounts that are initially funded with at least $50 will also be entered to win a matching deposit from FORUM up to $250. In addition, existing Sprout Accounts are eligible to be entered to win when a deposit of $50 or more is made during the month.
*Maximum match of $100