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April is National Credit Union Youth Month, which means Valley is celebrating all month long! In order to instill healthy financial habits that will set them up for success, it’s important for children of all ages to learn about responsible money management.

• Pre-School and Kindergarten

Your young children observe everything you do. Take advantage of their watchful eyes by introducing them to the concept of what money is and how it’s used. Start by using a clear jar to save bills or coins. Giving children a visual allows them to actually see their money grow, while helping them to regularly count through their stash will teach them that saving adds up.

Show them, don’t tell them. If your child wants a toy, help them count out the appropriate amount of money from their jar and let them physically hand the money to the cashier. Showing them the process of exchanging money for something they want versus telling them about it will leave a more lasting impact as they get older.

Get them involved with a charity of their choice by helping your children choose something they care about (local animal shelters or children’s hospitals are great options to consider!) and making a small donation each month. Your children will make a difference and feel a sense of pride by getting involved in their community and giving back.

• Elementary & Middle School

Many children start to receive a weekly or monthly allowance once they’re a little older. Instead turn this into a commission, rather than an allowance, by rewarding them with money for completing household chores. In doing so, children will learn that money is earned, not given.

Teach them to weigh decisions and outcomes. For example, “if you buy that magazine and candy bar, you won’t have the money to buy that new video game you’ve been saving up for” lets your children weigh these decisions when they’re tempted by impulse buys. This can help them to avoid making purchases that they will likely regret later, and develop more of a “saving is cool” mentality.

Another great way to teach children about money is to let them calculate the tip when dining out or having pizza delivered to your house. Teach them why they are tipping and why it is important to account for a tip in situations where one is expected in return for good service.

• High School

By the time your child reaches high school, they will already have a rather solid understanding of the spending and saving basics. If they don’t already have a bank account, now is the time to get them set up with one. Valley offers great benefits with our Student Checking, which is available to those age 25 and under. If your child has or is considering a part-time job, a bank account will teach them financial responsibility and give them a chance to practice their money management skills.

This is also the perfect time to teach your kids about credit cards and how interest rates work. Explain to them that they will have to pay everything they borrow back with interest added, and the longer it takes, the more it costs them in the long run. They should also understand that paying late or missing payments altogether will negatively impact their credit score, which will make it harder for them to buy a car or rent an apartment once they’ve graduated and moved out.

Above all, your children need to learn that money is a finite resource that is earned with hard work. Be sure to also teach them that while responsible money management is very important, other aspects of life such as family, love and sharing are equally as important. If you’d like to learn more about how Valley can help set your children up for financial success, click here or stop into any of our branches to speak with one of our member representatives today!

Finally, Valley is offering a special Youth Certificate rate of 12.68% APY*. This youth certificate is only available to kids under the age of 18 and it is only available during the month of April 2019. The certificate comes with a $100 maximum and minimum and includes a 12-month term**. It’s a great opportunity to start teaching your children about the power of savings and interest. Stop in and ask us about the Credit Union Youth Month Youth Certificate today!

*APY=Annual Percentage Yield 
**Penalty for early withdrawal.
Promotion April 1^st - April 30, 2019.
Must be under the age of 18 to qualify.
Limit one per child.