We all know financial skills are very important, we all have various financial milestones in life like saving for college, buying a home or car or preparing for retirement. But money management isn’t a topic that’s usually taught in schools, it’s often up to parents and loved ones to teach those lessons early on.
MSU Federal Credit Union realizes the importance of kids learning about money, so Rachael stopped by one of their branches to see what they have to offer.
It’s as easy as encouraging children to save at least half of the allowance and gift money they receive, and they could also set a goal of saving a certain amount of money each day or week. Then they can put that money in a savings account. Parents can put money management skills into practice by allowing their children to make deposits, withdraw money, and purchase items. You can also introduce basics of lending by setting up loan for item they want, establishing a repayment plan weekly or monthly and even consider setting up loan terms, interest rates, late fees, and grace period for more realism.
MSU Federal Credit Union
- 86 Monroe Center – Grand Rapids
- (616) 552-6734