Preparing your kids to become financially successful
MSUFCU can help children as the new school year gears up.
EAST LANSING, MI (August 5, 2019) — As families across the area gear up for the start of the coming school year and the focus once again turns toward education, Michigan State University Federal Credit Union is reminding parents that there are plenty of avenues for learning outside the classroom and they can help their children become financially successful at any age.
Familiarity with handling money translates into building healthy habits, which can easily result in laying the foundation for financially stable futures. MSUFCU encourages parents to talk about the value of money with their kids. Children and teens pick up on how you as a parent make choices about where the money goes.
Things parents can talk about include:
- Bargain hunting
- Using coupons
- Shopping off the sales rack: When you get excited after finding a great deal, children will too
- Offer allowance or encourage a part-time job so they can start to manage their own money
Families can use real-life scenarios in helping children understand the differences of needs vs. wants. Family shopping trips are good opportunities to discuss budgeting, spending and saving. It’s easy to give clear examples of needs and wants by using different kinds of foods at a grocery store: milk (for strong bones) is a need; soft drinks are a want.
Families can also bolster their child’s understanding of finances through actions and activities where he or she becomes familiar with managing his or her own money.
- Create their own save, spend and share banks or jars to deposit their birthday or allowance money in.
- Explain why each jar is important and help them create some goals for each.
- Help them deposit their money into their own bank account at the end of each month.
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., and has 23 branches, over 350,000 members, $7.61 billion in assets, and more than 1,100 employees. For more information, visit msufcu.org.