Denton County Living Well Magazine September/October 2018 | Page 18

EARLY EDUCATION ON MONEY MATTERS
CAN BE THE KEY TO A BRIGHT FINANCIAL FUTURE
I
By Glen McKenzie
t is never too early to get our kids
or grandkids on the road to finan-
cial success. While they may be fo-
cusing on the latest craze in video
games or texting and tweeting with
their friends, starting the conversation
about money and the importance of
saving can be a lesson that will yield
profits well into the future. When you
really think about it, we teach our
children at an early age about being
respectful to others – we teach them
good manners like saying “please”,
“thank you”, “yes sir, no sir”, but we
may neglect the one subject that helps
prepare them to take care of their fam-
ily in the future. Sound money man-
agement.
Unfortunately, schools may not teach
or have a curriculum to educate our
children about financial literacy. The
responsibility falls on us as parents
or grandparents. This should not be
a quick conversation, but rather one
where your kids gain knowledge
through actions over time.
As statistics show, money matters have
never been more relevant to young
adults than they are today. Forbes.
com reported that in early 2017, there
16
was $1.3 trillion in student loan debt
in the United States with an average
student debt over $37,000 for those
graduating in 2016. That is a real bur-
den for our young adults, and another
example of why teaching the value of
money and how to make sound finan-
cial choices will be time well spent.
For a young child, you might start
with a piggy bank where kids can do
money sorting, play money games
(like counting money), and save for
something special. As they get older,
they can begin depositing their money
into a credit union or bank account.
Here they will learn about interest
and observe how money grows. All of
these tasks also serve the purpose of
practicing basic math skills. Perhaps
giving a child a minimal allowance
for helping with chores can begin the
process of building financial confi-
dence while teaching them the value
of work. As they enter the teen years,
encourage them to get small jobs like
babysitting, mowing the lawn, or
other part-time work to earn money.
This might be a good time to open
a checking account so that they can
learn while remaining under your
guidance. Steps like this may help
your youngster develop a solid foun-
DENTON COUNTY Living Well Magazine | SEPTEMBER/OCTOBER 2018
dation for lifetime saving and finan-
cial literacy.
Here at DATCU, your local communi-
ty credit union, we offer two accounts
- our Kidz Club account starts from
birth through twelve years old. For
teens and young adults ages thirteen
to twenty four, we have a Studentz
Account. We believe these accounts
are a terrific way to help your children
learn about financial matters. Mem-
bers of our team also conduct “Finan-
cial Reality Fairs” at local middle and
high schools. Here, young people will
experience various scenarios to help
them understand