Tag: credit union youth month

Is it time to open a credit union account for your children?

How financially savvy are your kids?

Only about five percent of adults received any kind of financial education in school. This is a very sobering statistic and may even somewhat explain why consumers’ credit card and student loan debt is so high.

If you want to equip your kids with the tools to be financially secure adults, a good place to start is with a savings and/or checking account at a credit union. Once they see money going in and coming out, it can drive home a lesson about money management.

Wondering if they can handle the responsibility? Read on…

Savings accounts

Most kids can typically grasp the concept of a savings account early in their development. Here’s how to know if your children are ready to use one:

They’re curious about money
If your child expresses a genuine interest in coins, shopping, or anything related to money, this can be a good segue into a savings lesson: financial institutions allow you to put money aside until you really need it.

Their piggy bank is overflowing
If your kids have a lot of change in their piggy bank or saved elsewhere, watch out. It may disappear before your eyes! Make this an opportunity to teach them that if they save some of their money in an account, it can earn interest over time.

They have a savings goal
If your children are saving up for something big, this is the perfect time to introduce a savings account. They can make a deposit into the account so that they will not be tempted to spend all of their cash.

Checking accounts

Checking accounts tend to be suited better to older kids who have had more exposure to money. Here are some signs that your kids could benefit from a checking account:

They’re responsible
No matter how responsible you are, it can be tempting to withdraw more cash than you should. You might wait to open an account with your children until they demonstrate responsibility in other areas such as getting a drivers license or maintaining a part-time job.

Their school doesn’t teach personal finance
Most schools fail to teach basic concepts of personal finance, which means that it is up to you as a parent. A checking account can be a great way to reinforce lessons about not spending more than you have, using a debit card, and more.

All their cash is stuffed into their wallet
The wallet-as-checking-account is dangerous for several reasons. Not only can cash easily get lost, it’s hard to track your purchases. By contrast, an account statement lets you view all of your spending and withdrawal activity, which can be a handy budgeting tool.

If you’re eager to introduce your children to the world of personal finance, a credit union account is a good place to start. Just watch for the signs, and start when your kids are ready. You can learn more and even earn prizes during this month’s Credit Union Youth Month celebration at Wauna Credit Union.

Easing Children’s Anxiety During COVID-19

As Credit Union Youth Month comes to a close, we thought it prudent to take a deeper dive into not only building the financial futures of your little ones, but also the importance of their mental health, especially during these trying times.

The COVID-19 pandemic is affecting every corner of the globe and every corner of our lives. It’s changed the way we do things, in ways many of us would have never imagined and it’s not surprising that most of us are feeling stressed and anxious. But remember, too, that our kids are feeling the effects.

Fortunately, there are things we can do to help our youth cope during this stressful time. Children take their cues from the adults who care for them, so if you are displaying outward signs of stress and anxiety, it will be hard to calm your kids and soothe their fears. Dealing with your own anxiety can be powerful in ensuring your kids feel safe and secure.

Here are a few steps you can take to ease the anxiety of COVID-19 for you and your family.

Establish a routine.
Kids need routine. As much as they like to push against it, they actually thrive when a regular schedule is in place. Whatever your new “normal” looks like, structure their day so it involves exercise, regular meals, and a healthy amount of sleep –especially for the teens in your household – as it will help regulate your family’s moods and worries.

Stay connected.
To keep children from feeling alone, use technology to help them stay connected with friends and family. Let them talk with their friends on the phone. Schedule virtual playdates with their school mates and friends. Encourage them play games or eat together.

This holds true for the adults as well. Coordinate virtual meetups and dinner parties with business groups, friends, or family regularly. Social distancing is meant to keep us healthy, but don’t let it keep you away from social support networks.

Get the facts.
Be smart about what you are reading. It’s easy to get pulled into looking at or clicking on every update as it is reported. Consider limiting the number of articles you read or for how long you read about the coronavirus each day. If consuming content about the pandemic causes you to become anxious, take a break. Staying informed is one thing but being overexposed is another.

Stay calm by focusing on mindfulness.
Remind yourself that your family is doing its part to minimize the spread of the virus by practicing social distancing, wearing a mask in public and at small gatherings, and keeping your hands and your home clean. While it’s sensible to prepare for the future, it’s even more important to make sure you’re dealing with things in the present moment.

If you find yourself getting carried away with the “what ifs,” try practicing mindfulness, which is a tool that will help your family stay grounded and calm in the present moment. Focus on the present. Be intentional and thoughtful about where you are and how you are feeling. Sounds simple, but it takes work, especially when concerns about what the future holds feel so heavy.

Some mindfulness activities you can do with your kids include:

●Belly Breathing: Put one hand on your stomach and one hand on your chest. Slowly breathe in from your stomach (expand like a balloon) and slowly breathe out, letting your belly deflate.
●Mindful Meal: Pay attention to the smell, taste, and look of your food. Don’t work or watch television while you eat. Focus on chewing your food and think about all of the effort it took to get that meal on your plate. Consider where food comes from vs. thinking food is an end product.
●Squeeze Muscles: Start with your toes and pick one muscle group to squeeze. Count to five and release. Notice how your body changes. Repeat this exercise moving up your body.
●Meditation: Sit in a relaxed, comfortable position and focus on your breath. When your mind wanders (and it will wander!), bring your attention back to your breath.
●Blowing Bubbles: Notice their shapes, textures and colors.
●Coloring: Find something to color and focus on the colors and designs.
●Listening to Music: Focus on the lyrics of a song or listen specifically to the voice or an instrument.

As we continue to navigate these uncertain waters, remember that your financial well-being is one of our highest priorities. If you find yourself worrying over money, reach out to us right away for a complimentary account review. Stress can be contagious, and if we can help even a little by adding confidence in your financial situation, you’ll have added room to be there for your youth.

Teach your kids dollars and cents this National Credit Union Youth Month

If you’ve been meaning to talk to your kids about money, April is the perfect time to start. In addition to National Credit Union Youth Month, April also marks National Teach a Child to Save Day. So, in the spirit of occasion, here are three real-world experiences that parents can use to introduce kids to personal finance.

Have your children make purchases
Purchasing something is perhaps the most direct way to understand how money works. Therefore, it’s a great opportunity for your children. Try including them the next time you make a purchase.

Whether it’s at the supermarket or movie theater, give your kids cash to hand to the cashier, and then have them collect and count the change.

Lesson: Money is used in exchange for goods and services.

Open a savings account with them
There’s no better way to explain saving money to a child than to open an account in their name for this specific purpose.

Show them an actual Wauna Credit Union branch, point out our new Virtual Teller Machines and ATMs, and have them meet our staff. Reinforce the roles that financial institutions play in managing money. After the account is open, create a plan together for making regular deposits.

Additionally, throughout April, Wauna Credit Union will deposit the first $5 for all new Youth Jump Start Club Accounts. Members can also enter to win cash prizes by making deposits! Learn more here.

Lesson: While piggy banks are cute, savings accounts are the best option for stashing your cash.

Inspire them to start a business
There’s a reason why lemonade stands have stood the test of time. These micro businesses represent many children’s first exposure to earning money. If lemonade’s not their thing, encourage them to offer pet sitting or yard work to your neighbors.

Lesson: Money is earned through work.

Our young members have limitless potential, and financial education from Wauna Credit Union can be instrumental in helping them achieve it. Swing by one of our branches and celebrate National Credit Union Youth Month.

By staying true to credit union philosophy in an engaging new way, we can set our young members on the path to financial education, understanding and security. We look forward to seeing you — and your future — soon!

What is Credit Union Strong? Great Links & $$$ Prizes!

FB_Poster Polaroid_1200_9What is Credit Union Strong?

Our month-long youth celebration is focused on the theme of “Credit Union Strong”.

Young people face a bewildering financial landscape in their immediate future—one where technology has made spending as easy as breathing and the cost of higher education continues to skyrocket. That’s why we believe it’s more important than ever to ensure our youth possess strong money management skills.

As a not-for-profit financial cooperative, our core values include member education and social responsibility. We care about the community where we live and work, and the people in it. We look forward to watching the next generation grow and make it even better.

By instilling the habit of saving at a young age, offering positive encouragement, and providing financial education, we can prepare our community’s youngest members for brighter futures by helping them grow into financially capable adults. Credit union strong means having the money skills to embrace an awesome future, and leaving your community better than you found. That’s why we take our mission of helping youth so seriously.

Of course, we realize the biggest influence on anyone’s life is his or her parents. So if you want to start your kids on a path to financial strength, participating in Credit Union Youth Month is a good start.

Bring your financial fitness buffs into Wauna Credit Union and help them pump up their savings.

Young People Can Win at Wauna CU!FB_Make Your Future Awesome

  • Coloring Contests! Prizes will be awarded for Coloring Contest winners!
  • Download the coloring sheets: EAGLE / STRONGMAN
  • New Jump Start Club members drawing! Win bonus deposits of $25 or $50 just for opening a Jump Start Club account!
  • JUST ANNOUNCED! Make a video & Win $100 (All Jump Start Club Members are welcome to participate) – Grab your phone, video camera or other device, and make a quick video, tell us in one minute what you like about Credit Unions, and especially Wauna Credit Union. Post it on any of our social media channels, and we will pick a winner and a runner up! $100 for the winner & $50 for the runner up.

GREAT LINKS FOR KIDS & PARENTS:

YOUTH MONTH: How to Do Allowances Right, According to the Experts

Allowance rulesOne of the best ways to ensure your children grow up financially fit is to give them practice managing money with an allowance.

But what’s the best way to do an allowance? There are many theories on that.

Ron Lieber, personal finance writer for The New York Times, says he and his wife pay their 7-year-old daughter $3 a week, no chores necessary.

Lieber’s daughter puts $1 in a “save” jar and $1 in a “give” jar for a cause of her choosing. The final $1 she can spend as she wants. Lieber’s reasoning is that an allowance is a teaching tool, and making it contingent on chores muddies the issue. What if the children decide they don’t want money? Do they still have to do the chores?

Lewis Mandell, a financial economist and professor emeritus at the State University of New York, Buffalo, however, says unconditional allowances are a “terrible idea,” citing a 2000 study that showed kids who received a regular allowance left high school knowing less about personal finances than kids who received no allowance—though the differences were slight.

One problem may be that, like many Americans, kids aren’t the most diligent about saving. While 61% of parents pay an allowance, only 1% report that their children save any of it, according to a 2012 survey by the American Institute of CPAs.

The survey found that as children age, they receive a higher allowance, but across all ages the average take is $780 a year. That’s enough to buy an iPad or a good start for a college savings plan—if they were saving.

About 90% of the parents who paid their children an allowance required them to do chores to earn it, but only 81% had spoken to their kids about money management. More parents had spoken to their kids about good manners, their grades, and healthy eating habits than how to handle their money.

So how should you handle an allowance with your own children?FB_Poster Polaroid_1200_4

Use it as a teaching tool

Regardless of how your children earn an allowance, use it as a tool to reinforce good money habits from an early age. Talk about finances early and often, and set a good example.

Consider matching their savings

To encourage savings, tell your children for every $1 they set aside for long-term goals, you’ll match it in their Wauna Credit Union Jump Start Club youth savings account. Share the statements with them so they can see their money grow.

FB_Poster Polaroid_1200_1Gradually introduce them to financial products

Deposit their allowance into a Jump Start Club youth savings account, later a share draft/checking account, and help them manage them wisely. And we can help. Bring in your children to participate in Credit Union Youth Month at any of our branches, and we’ll help them pump up their savings.

Research shows that kids who learn to manage money at an early age are better prepared to handle their finances when they leave home. And, ultimately, teaching children good money skills is a sound investment for parents, who often are the ones helping their adult children when they run into real-world problems.

Learn More about Credit Union Youth Month in this previous blog: https://waunafcu.org/blog/its-credit-union-youth-month-coloring-contests-more/

It’s Credit Union Youth Month!!! Coloring Contests & More!

FB_Poster Polaroid_1200_5Hey Kids! April is Credit Union Youth Month!

It began many years ago, as merely  Credit Union Youth Day, then it grew into Credit Union Youth Week, and last year the Credit Union National Association (CUNA) decided Credit Union Youth deserved an entire month!

WOO HOO! Credit Union Youth Month!!!

All month check this blog and your favorite social media outlet for savings tips & info for a better financial education – from allowance plans, and money making ideas for kids, to info about college funds.

Coloring Contest:

Our younger members are welcome to get in on the coloring contest – prizes will be awarded! Pick your picture, print it off at home, or pick one up at any branch!

Credit Union Strong Coloring Page
Credit Union Strong Coloring Page

eagle-coloring-page
Eagle Coloring Page

 

 

 

 

 

 

 

Know a kid who needs an account?

All new Jump Start Club members (Ages 0-17) who joined Wauna CU during the month of April will be entered to win $$$, and we’ll deposit it right in your shiny new account! Plus, Jump Start Club accounts earn a higher rate of interest on your first $500 balance than any other saving account, AND all Jump Start Club members get a cool piggy bank when they open their account!

Jump Start Club – Account Information:  https://waunafcu.org/accounts/youth.shtml

College Scholarship Info:

High School Seniors – April 15th is the deadline for our annual Scholarships!

Apply Today: https://waunafcu.org/annual-scholarship.shtml

College Savings Plans:

Wauna Credit Union can start a Coverdell Education Savings Account or Coverdell ESA, also known as a 529 College Savings IRA, and our knowledgeable staff can help you easily set it up. College saving is less daunting if you start early.

Learn More: https://waunafcu.org/accounts/youth.shtml