Teach Your Little Owls to Fly With Money Talks

The first step to teaching your kids about money is talking about money.

“The most effective way to teach is by having frequent discussions and don’t ever lecture,” said Ted Beck, president and chief executive of the National Endowment for Financial Education, in a recent Wall Street Journal article. “Look for teachable moments and always be willing to answer questions.”  Unfortunately, this can also be the hardest.

But on his blog, the personal-finance guru and radio host Dave Ramsey encourages parents to be more open with their kids about money, even their failures. Parents’ biggest regrets are often not saving enough or going into too much debt, wrote Ramsey. Being honest about that in an age-appropriate way, he stated, can be a powerful lesson.

So how to start the talk?
• Ask questions. If you’re going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.

• Make them part of your budgeting. If you’re doing any kind of financial planning for the year, solicit input from your kids. Enlist them in your saving goals—no one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions high level, but involving them makes money less abstract.

• Open a youth savings account at Valley Credit Union. This is the best way to help them to learn to save for what they find meaningful in life. A lifetime of good savings habits can start now!

Credit Union Youth Month Contest and Prizes (Contest runs April 1st-31st)

Coloring contest- ages 0-9:

  • Ages 0-5
  • Ages 6-9
  • Contest open to all new and existing youth members.
  • For each age group winner:  Valley will deposit $50.00 into their share account.

Essay contest “Why I give a hoot about savings.” ages 10-18:

  • Ages 10-13
  • Ages 14-18
  • Contest open to all new and existing youth account members
  • For each age group winner, Valley will deposit a $50.00 into their share account.


What Do Valley CU Members Say?