This conversation is brought to you by First Service Credit Union. All opinions are my own. AD
I don’t give my children an allowance. At least, I have managed to avoid it so far. The excuse is that their ‘allowance’ is being allowed to live here, ride in a nice car and participate in any – and all – extra curricular activities that their hearts desire! However, as a woman trying to teach three daughters about the importance of saving money, building a financial plan for the future and the value of work, an allowance is a great tool. But just handing them cash only teaches them how to earn money. I want them to learn how to manage money. In comes First Service Credit Union and the ease of opening accounts for my girls. I was already checking into opening a FREE CHECKING account for me and was so impressed with the offerings, membership and ease of it all that it made sense to take advantage of their youth accounts as well. Teaching them money management while I earn points on every dollar I spend is just smart.
As a not-for profit financial cooperative, we’re able to give back to our members through lots better products, lower fees, and more rewards all year round. Plus, every member is automatically entered to win in drawings for $1,500 each week and $50,000 each year with Cash Rewards. That’s what it means to be “For You, Not Profit.”
A few months back, when I really started to think about how I could teach my children how the financial world works, how debit cards should be treated like cash and why keeping tabs on our accounts online is so important, I did approach my bank to open accounts. While they offered savings accounts at reduced fees, checking accounts that would allow the girls to have checks, debit cards and the real world experience when they are older were laden with high fees. I didn’t like that at all and was irritated that I was paying those on my account as well.
Thank goodness I got wind of First Service Credit Union. I was able to go online to their website and open all three ‘child’ savings accounts in a matter of minutes. I waited on approval and now their accounts are open and funded. While I now get free 24/7 mobile and online banking, access to free ATM’s and branches nationwide, we are all now members of a credit union which is all about the client, not the profit! I really, really like that!
I am most looking forward to teaching the girls how to read bank statements with e-statements instead of paper ones. I am also looking forward to getting my money out of high expense banks and into secure, free checking accounts that pays me a point per dollar spent. Maybe I will use those points to run away for a weekend trip or to finally let myself splurge on something special for me sometime.
You read that right, by the way. This checking account is not only free but each account earns points for every dollar they spend! In fact, they will double your points in the first 6 months if you set up a monthly direct deposit of $500 or more and use the promo code DOUBLEMYPOINTS when you open your account. This is AWESOME news for me because, after learning about all of these benefits at First Service Credit Union, it is time for me to start getting something back on the money I spend to run this household!
All of the funds that we send, whether it be the allowance my kids earn, or the accounts I open for me and my business, are federally insured by the NCUA (National Credit Union Administration). Just like a traditional bank is secure, so is a credit union. So that makes me feel good about this as well.
Now that my kids have their savings accounts, it is time to mom up and teach them the ins and outs of smart saving and spending. Learning these skills early will be vital to their financial health later. I may even learn a few things while teaching them too!
Now is the perfect time to take advantage of Free Checking with Debit Rewards for you and your family or business. Not only do you get a free checking accounts, points for every dollar spent and the ease of online management, but you can win some money too!
First Service is giving away $1,500 a week and $50,000 a year with Cash Rewards. As a member, you automatically earn entries for your everyday transactions. The more entries you earn, the more chances you get to win cash! Check out their website to learn complete details and official rules.
What tools do you use to teach kids about money management?
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