This series is sponsored by First Alliance Credit Union
This week, we’re learning all about Saving. What is it? How do you do it? Once you’ve watched the video, fill out the worksheet! Don’t forget to submit your worksheet each week (for Saving, Spending, and Sharing) in order to win an awesome Nintendo Switch!
If you’re new to this series, start with this post: Introducing Save, Spend, Share: A Virtual Skill-building Event for Kids (& parents)!
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.
Here are videos #2 (Spending), and #3 (Sharing) in the series!
Enter to Win!
Encourage your child to watch the video and complete the worksheet each week. Children who complete each worksheet and submit all three worksheets via the form below 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 Learning to Save
The most important financial skill you can teach your child is how to save money. It’s no exaggeration to say that being able to save money can make the difference between your child being burdened with debt or living a financially stable life as an adult.
While there are many ways you can teach children to save money, the best way to get your children in the habit of saving is to help them set a savings goal. For instance, if your child wants an expensive toy, use the price of that toy to give them a goal to save for. Help them figure out how much they’ll need to save, and then show them how long they’ll need to save to meet their goal according to the simple budget we recommended in the introduction.
For instance, if one of your children wants to buy a $30 Lego set and they get an allowance of $20 a month, you can help your child figure out that by saving 25% of their allowance, they would be saving $5 a month and be able to get their toy in 6 months. You could also show your child that if they were to save 70% of the money they can spend, they would only need to save for two months to get the Lego set.
When you’re teaching your children to save, make sure you give them a safe place to store their money. You can go with a mason jar, a tried and true piggy bank, or even better open up a savings account at First Alliance Credit Union. They’ll be able to see their money growing when they look at their account using online banking or the First Alliance mobile app, and they’ll also be less tempted to use that money for an impulse purchase.
In order to help your child get in the habit of saving, help them complete the activity worksheet we provide after they have watched the “What is Saving Money” video on this page. Remember that you have to turn in this page in order to enter the prize drawing!
We’ve also included a savings goal tracker in your course packet that you can use to help your children set savings goals. Remember, you can print this out as many times as you want to help your child keep setting financial goals for years to come.
Don’t forget that you can also find 10 bonus tips about teaching your kids money skills in your free Parent Guidebook, 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:
Want to give your child a chance to put what they’ve learned about saving money into practice? Help them become a member of First Alliance Credit Union today. They’ll be able to open their own youth savings account, and they’ll be able to track their progress through online banking or the First Alliance mobile app.
Submit Your Worksheets Here!
Please be sure that your form has submitted (and there are no errors to correct) before navigating away from the page!