Managing finances can be overwhelming. That’s why WECU focuses on creating tools and resources that help people understand their finances and achieve financial goals. Whether you’re borrowing, spending, or saving, WECU’s goal is to take the mystery out of money. And for parents, it’s never too early to get your kids started on the right foot.
Where can you go to help ensure your children learn about the merits of saving and setting goals, along with the relationship between earning and saving money? In many cases, it is up to parents to teach the essential lessons of personal finance to their children. WECU’s new First Step accounts make it easy for parents to pass those money-management lessons down to the next generation of savvy savers.
Help your child start on the right foot. WECU’s First Step accounts are set up for parents to monitor their kid’s spending and saving, without worrying about overdrafts or other slips. First Step Checking members get access to an exclusive online community called YOU(th)x, where you can unlock new and exciting challenges, earn points, and redeem them for gift cards at their favorite spots. Starting an account is the first step. Learn more about First Step accounts and other ways to plan for your child’s future at wecu.com/FirstStep.
Setting Financial Goals
Setting and working towards goals is a crucial life skill. It is one that will serve children throughout their lives. Imagine the important lessons learned along the way when a child sets a goal to purchase their new favorite toy, then achieves that goal when they take the right steps to save! When they work hard to earn this reward for themselves, it cements important life-long lessons about earning, saving, and spending money. Teaching children these skills early on enables a far greater chance of financial stability for their future.
Start Teaching the Basics of Finances
Saving for a set financial goal will also help teach children about the basics of income, value, and expenses. When kids start saving money, they start to think more critically about what they are saving for and the valuable exchange of their time and energy for a good or service. Saving money takes time and it can be challenging, so children learn first hand what it takes to be patient, focused, and determined. Teaching children to save at a young age is an important lesson. It’s just as important to get them familiar with financial tools like online banking, the digital transfer of money, and the use of credit cards. Many purchases these days are made with credit/debit cards and there is not an obvious exchange of money. Getting kids familiar with the exchange of money in the digital age will ensure confidence in their financial literacy.
First Step to Success
It’s never too early or too late to prepare for a sound financial future. As a parent, helping your child open a First Steps account will help you feel confident that you’re actively supporting your child’s financial education and the value of saving money. Take the first step and get started by opening an account today! You can book an appointment with WECU in person, by phone, or online at appointments.wecu.com.
Currently, WECU is offering APY rates of 2.5% on the first $500 for First Step savings accounts along with 2.5% on the initial $250 for First Step checking accounts. Learn more about the program terms and conditions by visiting wecu.com/FirstStep. Keeping the information here in mind is the best way to prepare a child for a life that is full of financial health and well-being.