If you don’t teach your kids how to manage money, somebody else will. And that’s not a risk you want to take! Give your kids the head start you wish you had and set them up to win with money at any age.
Your teen probably spends a good chunk of their time staring at a screen as they scroll through social media. And every second they’re online, they’re seeing the highlight reel of their friends, family and even total strangers! It’s
the quickest way to bring on the comparison trap. You may hear things like: “Dad, Mark’s parents bought him a brand-new car! How come I have to drive this 1993 Subaru?” or “Mom, this girl at school got to
spend $10,000 on her Sweet 16 party. I want to do that too!”
Contentment starts in the heart. Let your teen know that their Subaru (although not the newest car on the block) is still running well enough to get them from point A to point B. And you can still throw a memorable party without spending a chunk
of your retirement savings funding it!
Give them the responsibility of a bank account
By the time your kid’s a teenager, you should be able to set them up with a simple bank account. This takes money management to the next level, and will (hopefully) prepare them for managing a much heftier account when they get older.
WKFCU offers the Extreme Teen Club for teens ages 13 - 17. We also offer checking accounts with a debit card for teens ages 16 and 17.
Teaching your children about money at any stage is going to take time and won’t always be easy. But if you want your children to know how to successfully manage their money when they get older, taking the time now will be worth it.
One of the best ways to teach your kids about handling money is to give them a chance to make some of their own! With the Teen Entrepreneur Toolbox,
from Dave Ramsey, you’ll get all the tools you need to help them start their own business and learn real-world skills.
April is Credit Union Youth Month and We’re Celebrating
Now is the perfect time to open an account for your child or grandchild for FREE.
We will waive the $5 Enrollment Fee and Make the First $5 deposit.
We will have a Kids Cash Giveaway -- 2 $25 Prizes -- on Thursdays - April 8, 15, 22, and 29.
When you open a new kids account or make a $25 deposit into an existing account, your child will receive a special gift bag full of goodies.
Details at www.wkfcu.org/Kids-and-Youth/Youth-Month.
(Partially reprinted from ramseysolutions.com and money.usnews.com/money)
View All Rates
*APR = Annual Percentage Rate
*APY = Annual Percentage Yield
Rates are subject to change without notice
Read Our Newsletter