April is National Credit Union Youth Month at SCCU!
Youth Month 2017
What Kind of saver are you?
America's credit unions are shining the spotlight on how young people earn, spend, save, and manage their own money and how America's credit unions help them do so wisely during National Credit Union Youth Month this April.
This year's theme is "Give a hoot about savings ." The extended celebration gives credit unions time to have an even bigger impact in the financial fitness of young lives.
National Savings Challenge
During this month SCCU will be participating in the National Savings Challenge, sponsored by GreenPath Debt Solutions. Credit Union National Association (CUNA) will randomly select 1 participating credit union to receive a $1,000 deposit. Each credit union will then randomly select one winner from its entrants. For every deposit a youth member (0-17) makes, they will automatically be entered into this drawing. In addition to the National Savings Challenge, SCCU will be drawing for one of two $25 cash deposits to their credit union share account and one of ten $5.00 gift cards from local businesses. Entries are limited to one per day*, with a minimum deposit of $5.00.
Not a member of SCCU - Click here for Savings Coupon
Here are some tips to encourage your child about Saving:
- Younger than age 5
Use coin savers to help children learn how to identify coins and count money.
Introduce the concept of money by giving children small change to spend occasionally when you go to the store. Limit options to save time and reduce conflict.
- Ages 5 to 10
Give a monthly allowance to offer hands-on money management experience. Because children know they'll regularly get a set amount of money, this makes it easier to learn how to save.
Let children save for, and buy, something they really want. Rewards reinforce young children's savings habits, so tie saving to spending.
Use three containers labeled "Spend", "Save", and "Share". Suggest that children contribute a portion of their allowance and cash gifts to each to teach how to spend wisely, save regularly, and give to others.
When the "save" container builds up, take children to the credit union to open a savings account.
Provide children with opportunities to earn extra money by doing jobs not included in their regular responsibilities.
- Ages 11 to 14
Include children on shopping trips to teach them what things cost and smart shopping techniques. Let them help compare product qualities, prices, return policies, and warranties.
Encourage odd jobs: babysitting, yard work, or pet care.
Encourage children to use their own money to buy beyond-the-basics clothing and accessories.
- Ages 15 to 18 and older
Discuss saving plans for long-term goals, such as education and cars.
Consider giving teens a seasonal clothing allowance beyond their regular allowance. After setting guidelines and limits, let them make their own choices.
Consider helping financially responsible teens open a share draft/checking account.
Include teens when planning a large purchase, such as a car.
When your teenager begins driving, review car insurance, maintenance, and repair costs.
Consider encouraging financially responsible older teens to use a debit card with their share draft/checking accounts.
Celebrate National Credit Union Youth Month this April. It's a great time to talk to your family about spending and saving!
*NATIONAL YOUTH SAVING CHALLENGE – RULES
The National Youth Saving Challenge is FREE and open to all youth under 18 who visit a participating credit union during April. While youth are encouraged to make a deposit at the credit union, no deposit is required to enter.
Parents/guardians giving permission for their youth to enter can submit on a 3" x 5" piece of paper the following information to the credit union. Please mail to Soo Co-op Credit Union, ATTN: Savings Challenge, 536 Bingham Ave., Sault Ste. Marie, MI 49783
- Current age
- Legal guardians signature
Limit one entry per person. Odds of winning depend on number of entrants. This contest is void where prohibited.
In May, the Credit Union National Association (CUNA) will randomly select and give a $1,000 grand prize to a participating credit union. That credit union will then randomly select a winner from its entrants. Your credit union will notify you if you are a winner.