In today’s rapidly changing economic landscape, financial education for families has become more important than ever. Teaching children the basic principles of responsible money management will be crucial in setting them up for future success and financial well-being. One effective way to teach these valuable lessons from an early age banking as a family.
The Benefits of Banking as a Family
Banking as a family is beneficial because it:
- Offers the opportunity to teach lifelong lessons
- Fosters healthy monetary habits
- Brings your family closer together
- Nurtures a sense of unity within the household
- Makes children feel involved
- Exposes kids to money and banking through modeling good behavior
- Transforms your family’s financial journey
Lead by Example
Modeling healthy financial habits is one of the most impactful lessons a parent can teach their children. When you actively involve them in your family’s economic decisions and practices, they will gain invaluable real-life lessons. In turn, that can shape their future behaviors. Whether you’re budgeting for groceries, saving for a family vacation, or creating a college savings plan, every financial decision presents an opportunity for learning and growth.
Build Healthy Habits Together
By fostering a culture of regular saving and responsible spending, families can lay the groundwork for building long-term healthy financial habits. Simple tasks can have a big effect. Such as, setting aside a portion of their allowance or categorizing wants and needs. Every step taken toward creating financial responsibility is a step in the right direction.
Manage Money All Accounts in One Place
With the hustle and bustle of daily life, managing multiple financial accounts across different banks or credit unions can be a huge hassle. Enjoy the convenience of simplified financial management when all your accounts are in one place. From checking and savings to loans and investments, housing your family’s finances under one roof streamlines your household’s funds. With everything in one place, it’s easier to track expenses and income, transfer funds, and deal with issues like potential fraud or a teen accidentally overdrawing their account.
Get Familiar with Your Financial Institution
Establishing a strong relationship with your credit union benefits the entire family. You can give your children an early start by introducing them to products and services you’re already familiar with. By doing this, you’re preparing them to face each next step with knowledge and confidence.
From opening their first savings account to applying for car loans, student loans, and their first mortgage, the credit union is here to support your family every step along the way.
Work Together to Achieve Financial Goals
Teamwork makes the dream work. You foster a sense of unity and purpose by setting goals as a family.
Here are some ideas on where to start:
- Create a savings plan for a family vacation
- Review a grocery budget
- Set smaller goals for things kids might want, like a video game or new sneakers
- Show them their college savings fund
- Look up how much college costs
- Talk about your household bills
Money, budgeting, and bills should not be taboo anymore. Sharing updates and setting goals together strengthens your family bond and reinforces the value of working together.
How We Can Encourage Banking as a Family?
At the credit union, we are committed to simplifying your banking experience, and we extend that commitment to the entire family. You will find a wide range of products and services designed to meet your entire family’s needs throughout every life stage. We make banking as a family an easy experience.
Open Joint or Linked Accounts
Our flexible account options make it easy for families to manage their finances under one roof.
- Transfer money easily online or in the app
- Monitor a child’s account
- Put money in your teen’s account from yours within seconds
Use Online & Mobile Banking
In today’s digital age, managing your finances has never been easier. With Online and Mobile Banking, you can access your accounts and handle most banking needs with just a few clicks. Empower your children to take charge of their financial journey from the time they get their first phone.
- Freeze a debit card if it’s lost or stolen
- Find free ATMs near you
- Transfer money to and from any account you’re joint on
- Set up automatic transfers to encourage saving
Enroll in Account Alerts
Helping your children, especially teens, manage their money responsibly is so incredibly important. Setting up account alerts can notify you of actions like:
- If your child’s balance is low
- If they spend a certain amount on their debit card
- A purchase is outside a selected region
- Push notifications for all debit card transactions
Simple alerts can provide teachable moments for your family and help steer your child away from future financial mistakes.
Utilize Payroll Deductions & Automatic Transfers
Payroll deductions and automatic transfers can put many routine banking transactions on autopilot. It makes the savings process easy. Use it to transfer your child’s allowance or ensure your teen is saving a portion of their paycheck from their first job. Keep your family’s finances on track without lifting a finger.
We’re Here to Help!
Banking as a family allows you to teach important life lessons and cultivate healthy financial habits for you and your children. Life can get busy, but responsible money management is a skill that will benefit your children throughout their lives. Make it a priority, and together, let’s build a brighter future for our children and families.
If you want to learn more about the unique products and tools we offer families, we’re ready to help. Call, chat, text, or stop in! Our team is available M-F, 9am-4pm ET. (315) 671-4000.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.
