Credit Union Youth Month A Good Reminder to Parents
Marshfield Medical Center Credit Union (MMCCU) is currently celebrating Credit Union Youth Month, a time dedicated to teaching children all about saving, spending, and other financial topics.
The Buikauskis family have been MMCCU members for about 12 years, and though April may be Credit Union Youth Month, their family enjoys teaching and learning about finances year-round.
“We chose MMCCU as our credit union because we loved the personal feel. MMCCU has great service, and we appreciate that the employees know their members,” said Katie Buikauskis. “Our son is 8 years-old and our daughter is 6 years-old. We are teaching our kids about finances in our home.”
Katie and husband Janis have set up a system where each child has certain jobs assigned to them each week and they only earn money on the jobs they complete. They then split the earned money into three categories: spend, save, & give. This setup facilitates several important financial lessons.
“They are learning delayed gratification for items on their wish list. They know they have to have enough money saved before they can make their purchases,” said Katie. “Our kids are applying math skills when they are adding their earnings and subtracting their purchases from their spend category.”
The Buikauskises feel it’s important to teach financial subjects to their kids so that they have the skills necessary to manage their finances well as adults, with the goal of financial peace in their lives.
“We encourage our children’s interest in finances by having a job/earnings system in place. We also talk about wants vs needs and being within our budget for regular household purchases (groceries, toiletries, clothing),” said Katie.
For parents who are wanting to educate their children more, Katie advises involving children in everyday financial activities whenever possible.
“For example, talk about the grocery budget when you’re going to the grocery store,” she said. “Teaching our children financial skills doesn’t have to be complicated. Letting them see us apply financial skills in everyday life can be so helpful. This will make a bigger impact on them than we realize.”
To learn more about Credit Union Youth Month, visit www.mmccu.com!