As a parent, you have the largest influence on the choices your children make through life, including how they approach their finances. Let the teenage years be a time to teach your kids about saving and money management. Remember, the earlier your teen learns to save money and track spending, the more prepared in life they will be!
Teens learn about money in a variety of ways, including:
- Things they hear and see around the house
- From experience
- From friends and school (peers)
- From adult and parental guidance
Resources for You and Your Teen
As a member of 1st Ed, we offer a variety of tools to help you teach your teen about spending, setting goals, saving money, and ultimately, managing accounts, like a checking account.
Saving starts at home. There are many things you can do on a daily basis to encourage good saving and spending habits, and your teen’s overall feelings about money. Explain that spending money without getting something of value in return is wasteful. You can also explain the benefits of budgeting. Have your teen do more on their own; support wise spending decisions; teach them to care for the purchases they make so they last longer.
Try an allowance. In their early teens, children can begin to manage more money and make certain financial decisions. Try to give an allowance weekly to cover increased responsibilities and spending needs. Perhaps have your teen take more responsibility for buying their own clothes, making deposits into savings, or paying for a car.
Promote a savings plan. It helps to have achievable goals…and regular income. Discuss with your teen a savings plan; encourage saving for more expensive or specific items. Explain the benefits of saving long-term for a larger goal.
Share your family’s budget. Have your teen become involved in preparing meals or the weekly shopping; take them with you so they can learn how you budget for groceries. This connection teaches children about the cost of living and food and making wise choices.
We’re here to help. Once your teen reaches age 15, consider opening a checking account at 1st Ed. It will become a central part of how they learn to manage their money – now and in the future.
Checking
| Info and/or Terms | Interest Rate | APY |
|---|---|---|
| Checking ($100 Min.) | 0.05% | 0.050% |
*APY= Annual Percentage Yield. Earnings are compounded and credited monthly. Rates are subject to change at any time without prior notice. $100 minimum balance required to earn interest on account.
Share Savings
| Info and/or Terms | Interest Rate | APY |
|---|---|---|
| Regular Shares | 0.05% | 0.050% |
| Special Shares | 0.05% | 0.050% |
*APY= Annual Percentage Yield. Earnings are compounded and credited monthly. Rates are subject to change at any time without prior notice. $5 minimum opening balance held as membership share and cannot be withdrawn without closing membership.