Parents

Here are a few tips to help your children Save, Share, Spend, Earn and learn how money is really earned and managed.

Save

1. Set Up a Savings Account: Open a Cub Account at a credit union for your child. Credit unions often offer youth accounts with no fees and higher interest rates.

2. Set Savings Goals: Encourage your child to set specific savings goals, whether it's for a new toy, a book, or even long-term goals like college. Help them track their progress.

3. Teach the Power of Interest: Explain how saving money in a credit union account can earn interest, helping their savings grow over time. Show them the difference between saving money at home and saving in an account.

4. Encourage Regular Deposits: Make regular trips to the credit union to deposit a portion of their allowance or money earned from chores. This habit reinforces the practice of saving regularly.

Share

1. Teach Generosity: Discuss the importance of sharing and giving back. Help your child choose a cause or charity they care about.

2. Set Up a "Giving" Account: Some credit unions offer the ability to create multiple sub-accounts. Use one for charitable giving. This can help children understand the concept of allocating money for different purposes.

3. Volunteer Together: Participate in community service activities with your child. Many credit unions support local initiatives and can provide information on volunteer opportunities.

4. Match Their Contributions: Encourage sharing by matching their contributions to charity, teaching them that their efforts can have an even greater impact.

Spend

1. Create a Budget: Teach your child how to create a simple budget. Show them how to balance their wants and needs and make informed spending decisions.

2. Use a Debit Card: Some credit unions offer debit cards for children with parental controls. This can help them learn to manage their spending and understand digital transactions.

3. Discuss Smart Spending: Before making a purchase, discuss whether it's a need or a want. Encourage them to compare prices and look for deals.

4. Set Limits: Give them a set amount of money for discretionary spending each month. This teaches them to make choices and understand the concept of limited resources.

Earn

1. Chores and Allowance: Implement a system where your child can earn money by doing chores. This teaches the value of work and earning.

2. Encourage Entrepreneurship: Support your child in small entrepreneurial endeavors like a lemonade stand, dog walking, or crafting and selling handmade items.

3. Educational Workshops: Credit unions often offer financial literacy workshops for kids and teens. Enroll your child in these programs to learn about earning and managing money.

4. Track Earnings: Help your child keep a record of their earnings. This can be a simple notebook or an app. Tracking their income helps them understand the relationship between work and earning money.