This series is sponsored by First Alliance Credit Union
Save, Spend, Share: A Virtual Skill-Building Event for Kids (& parents)
April is Youth Literacy Awareness month. First Alliance Credit Union is committed to helping parents and children learn the value of financial literacy. When children learn financial literacy, it provides a tangible advantage that will last their entire lives. Financial literacy has shown to help kids save more, be more likely to set financial goals, stop overspending, avoid bad debt, and more.
During the month of April, please join First Alliance Credit Union and Rochester Mom for Save, Spend, Share: A Virtual Skill-Building Event for Kids (& parents). The important concepts of saving, spending, and sharing will be outlined in fun, easy-to-understand videos. Additionally, there is a parent guidebook to help you further guide the conversation with your child.
Each Wednesday in April, look for the latest video in the Save, Spend, Share series. Each video will be published on Rochester Mom and shared through social media channels and the e-newsletter.
Enter to Win!
Encourage your child to watch the video and complete the worksheet each week. Children who complete each worksheet will be entered to win a Nintendo Switch at the conclusion of the series at the end of April. Parents, we didn’t forget about you! You’ll be entered to win a $200 prize pack from First Alliance Credit Union which includes gift cards to Moka, Great Harvest Bread, Ichi Tokyo, and Whistle Binkies Olde World Pub.
If you bring your child to open up a youth savings account at First Alliance Credit Union during the month of April, you’ll DOUBLE your chance of winning the prizes listed above with three extra entries. And there’s more! Children who open up a savings account in April will receive a FREE piggy bank (while supplies last)!
Please note: you may also pick up blank worksheets and drop off completed worksheets at any of First Alliance Credit Union’s branch locations.
The Importance of Financial Literacy
No parent would ever dream of letting their children grow up not knowing how to read or write. When it comes to financial literacy, though, many children grow up not knowing the basics of money management, let alone how to set financial goals.
This isn’t because most parents are bad parents. It’s because the parents themselves were never taught financial management skills, and as a result, they don’t understand the importance of teaching financial literacy to children. That’s where this course comes in. These videos will help start important conversations with your kids about managing money.
We’ve found that the best way to teach children basic money management strategies is to use the concept of Save, Share, Spend. This concept encourages kids to budget the money they get from gifts or allowance. When teaching this concept, we recommend having children put 25% of the money they get into saving and dedicate 5% for sharing, leaving them with 70% they can spend however they want.
The modules in this free course are designed to help your child understand each of the three categories, with a brief video and a follow-up worksheet you can complete with your children. We’ll also include more ideas in each module that you can use to continue teaching your kids these important money skills long after you’ve completed this course.
Teaching your children the importance of “Save, Spend, Share” at a young age can sow the seeds of financial literacy. It can help them understand how to manage money and reach their financial goals.
In the free Parent Guidebook, we’ve also included 10 bonus tips about teaching your kids money skills, as well as a list of books available at the Rochester Public Library to continue these important financial conversations with your kids. You can also find a list of resources that will help you keep learning on the First Alliance Credit Union site, including blog posts like:
If you want to give your child a chance to put everything they’ve learned into practice, help them become a member of First Alliance Credit Union today. Once they’re a member, they can open their own youth account. Even better, they can track their progress through online banking or our mobile app.