Credit Union Youth Month
Saving your money isn’t always easy, especially when you don’t have a lot to spare. Why do we spend the money we planned on using for our future?
We can blame it on our brains. Behavioral science has shown that humans are hard-wired to act on impulse and that it takes conscious thought to delay gratification. It’s also much easier to focus on the present than our future.
So, if it’s hard for adults, how do you teach your children to save? By turning it into a habit. Studies show that habits formed when you are young tend to stick. It’s why you still brush your teeth every day – we hope!
Start with small goals. For instance, commit to putting a certain amount, say $10, into a savings account every week. If you have direct deposit, you might want to consider setting up an automatic transfer of $10 into your savings account every time your paycheck is deposited. Over time, you can gradually increase the amount by a dollar or two.
Global Can Help Teach Your Children How to Save
To help your children get into the savings habit, start by having them cut out pictures of something they’d like to have someday and post the images where they’ll see them often. Then help them open a savings account at Global. At Global, everyone under the age of 17 who opens an account is automatically enrolled in our Junior Citizen Program.
Junior Citizens receive a moonjar at account opening. Moonjars teach the importance of money management through a save, spend, share philosophy.
Encourage your child to make regular small deposits each week. Let them know their money will earn interest while it’s in their account. If they keep this routine going, they’ll quickly see their savings grow.
This April, we’re celebrating Youth Month. We encourage you to visit globalcu.org/youth to enjoy fun videos, games and learn more about Money Magic. Together, let’s help our kids blast-off toward a bright and wondrous future.
