April Is Youth & Financial Literacy Month!

 

April is a pretty special month for more reasons than starting with showers and ending with May flowers!  April is Youth and Financial Literacy Month!  Teaching our young ones how important saving is can really make a difference in their financial success as they get older!

Here’s why saving at a young age is a good thing:

1.      Just as the saying goes “Old habits die hard” good habits started at a young age will die hard too! All good lessons and habits begin early. Learning to save at an early age is essential to a healthy financial future. It has been found that habits cultivated at an early age stay with people most of their lives. If you help your child begin saving a little, they may have a nice nest egg when they need it most.

2.      Wants Vs. Needs…the younger we start teaching this, the better!  Start giving your child an allowance, even if it’s just $5/week or smaller. When it’s their hard earned money that they’ll be expected to use for items they want or need, they’ll better understand the value of their dollars. Do they really want that candy bar? When it’s their money that they are spending, the thought process of what they really want to spend it on will make more sense.

3.      Interest! Now this may be a concept your kids may not quite understand if they are younger, but that’s ok because one day they will appreciate this.  Once you open your child a Youth account at Honor, their money will begin earning interest! Then, as they add to it, that initial $15 they put in could turn into a whole lot more. Then, when the day comes that they really need it, they’ll have the money for items, experiences, and their future.

Every day is a good day to save money, no matter how young you are. But now, there’s never been a better time to save at Honor Credit Union! To celebrate Youth & Financial Literacy Month anyone who opens a youth account with a $5 deposit during the month of April (that’s basically anyone age 0-22), Honor Credit Union will put $10 extra into the account!  Swing by a branch or give us a call at 800.442.2800 to learn more!

And of course, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s CEO Scott McFarland talk about Youth Literacy Month, listen to the Mason Jar Monday episode below.