In many families, money was once a taboo subject. Kids grew up with a vague idea that their parents made enough to support the household, but it wasn’t until they had their own jobs that they began to understand how finances work.
These days, kids have the opportunity to learn about money much earlier, thanks to youth savings accounts, college savings funds, and open conversations about budgets. These valuable opportunities are the building blocks for a healthy financial future.
That’s why Cobalt CU is excited to introduce our latest e-book focusing on how to teach kids about money. With “The Parents’ Guide to Raising Financially Savvy Kids,” you and your family will gain the knowledge you need to establish good financial habits that last a lifetime. You’ll learn:
- What expenses will affect your budget when you’re expecting a baby
- How confirming maternity leave and insurance coverage now can save in the long run
- Why life insurance is an important part of financial planning
- When to start a child’s college fund
- Why setting up early savings habits can inspire children to be more financially savvy later
- Conversation tips for kids about “wants vs. needs” when it comes to using their allowance money or saving toward specific goals
- How to turn a trip to the grocery store into a valuable lesson
- Why allowing for splurge items will help your kids save, not thwart their efforts
- The advantages of a secured credit card for building credit history without risking debt
With some simple tips, you can guide your child through money topics and make saving and budgeting a family affair. It's never too early to start talking to your kids about money. They'll be grown and living in the "real world" before you know it.
Financial success starts early so take the first step and start them with a basic savings account. Learn more about Cobalt's Youth Accounts or download “The Parents’ Guide to Raising Financially Savvy Kids” for free today.