How to Begin the Financial Education Journey with your Kids

This post is sponsored by Mazuma Credit Union

As parents, one of the most important jobs we have is making sure our children are set up with the tools they need to be successful in the future. Beginning to introduce important money topics, such as  budgeting, saving, and investing, the job of educating on the topic can be daunting. From what they learn in school, on TV, and online, access to information has never been easier, but how do we make sure they are learning is accurate to be successful in their financial futures?

That’s where the Team at Mazuma Credit Union can help. We understand that money can be, at first, a tough topic to navigate, but our steps and tools we provide for parents and kids of  ALL ages, we help make these money topics both fun and informational. Check out the steps below to being introducing money talks in your home.

Lose the stigma and get comfortable talking about money

One of the most important things when beginning to teach your kids about money is getting comfortable talking about money in everyday moments and situations. A great way to introduce budgeting and spending money, for example, is at the grocery store. Looking at prices, educating on sales, and
calculating totals helps kids apply general concepts to real life situations. These small moments add up and help kids in their financial education journey.

Start small by opening their first savings account

Once you’ve introduced the idea of money, saving, and spending to your child, it’s time for them to get involved! Opening a youth savings account is a great way to introduce how financial institutions, such as your local credit union, hold and use money. At Mazuma Credit Union, we have the Money Bunny Youth Savings Account for kids ages 0-12. As your partners in action, we help make saving and learning fun for kids and effortless for you!

Dive Deeper into Budgeting and Investing Conversations

After you feel your child has the basics nailed, begin to expand the  conversation to include budgeting and investing. Our online hub is a great place to start- with videos on topics  including good spending vs bad spending, common money beliefs, and the importance of an emergency fund, kids will expand their knowledge on how money is used and is an important tool! After checking out these free videos, see where you can incorporate these ideas in their lives. Can they make a budget with their allowance or birthday money? How can they save for bigger purchases? Asking these questions will help develop their critical thinking skills and will help them gain money confidence.

As 2020 CUNA Award winners in the Youth Financial Education award category, Mazuma Credit Union is your partner all things money related. Plus, for a limited time, open any Youth Account in branch and receive a custom Swag Box* (valued at $50 USD) to get your kids excited to learn. That’s the gift that keeps on giving this holiday season.

Disclosures
Insured by NCUA. See credit union for complete details.Membership eligibility required for joint owner over 18 years of age *Promotion runs 11/1/2021-12/31/2021. Offer available in branch only. While
supplies last. The value of this bonus will be reported to the IRS. The recipient is responsible for any federal, state, or local taxes on this offer. See website for complete details. 1Award from Desjardins Financial Education Awards- Youth Financial Education

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