Money can feel like a tough topic to discuss with your kids but it's important to start the conversation with them young.
Children develop attitudes towards money and learn financial behaviors from an early age so taking opportunities to teach your children about money can help set them up for financial success.
April is Financial Literacy month and Brittani Forbush, from Mountain America Credit Union joined us to share three ways you can incorporate talking to your kids about money:
- 1. Take your children shopping with you. If you have a weekly grocery budget, encourage your child to help you stay within your budget by writing the prices next to each item on your grocery list and keeping a total.
- 2. Create jobs around the house with an assigned dollar amount.
- 3. Children learn through observation. When you budget and involve your children, they notice behaviors such as setting your budget, savings, prioritization of needs over wants, and delayed gratification. Involving your kids can help them gain experience with budgeting.
Mountain America Credit Union has helpful resources to help teach kids about money:
- Banzai is an online financial education experience for kids, teens and adults, Banzai Junior, is specifically for children. You can access Banzai by going to macu.com/guide
- MACU is also proud to offer both youth and teen savings accounts. The teen accounts offer a checking option with a parent or guardian co-signer. To learn more about our accounts for children go to macu.com/accounts