We often look at pictures to remember the past, but are you ready to picture your future? For children and teenagers, the future brings limitless possibilities. Financial education from MTC Federal Credit Union can be instrumental in helping them achieve their goals.
At MTC Federal Credit Union, our priority is to make sure that all of our members and their families are educated for a financially secure future.
Teaching smart money habits can be a challenge, but you don’t have to do it alone. At MTC Federal, we are here to help.
With your lifetime membership, children and teens are eligible to start their financial journey with an MTC Federal youth savings account. From childhood to young adulthood, our accounts are specifically designed to guide the basics of saving at a young age and encourage good money management skills to equip them for life’s journey.
Teach Goals: Putting money aside works best when there’s a purpose connected to it: a vacation, a new bike, a comfortable retirement. A savings account encourages a child to set a savings goal and work to reach it, whether big (a college education) or small (a Star Wars action figure).
Teach Financial Basics: By setting savings goals, a child begins to understand that different things have different costs. And through saving to reach a certain financial goal, they come to understand the basics of income and expenses. Have your child comparison shop and make decisions based on price, features and quality.
Teach Responsibility: Children come to learn that if they don’t responsibly keep track of their money and don’t contribute to their savings, then their goals will not be met. Kids of all ages (and adults!) feel a thrill at the rising balance in their account — encourage not to spend on impulse. Ask if they really need the item now.
Teach Compassion and Perspective: By setting goals and saving towards them, kids get a sense of how financial resources are tied to what people have and don’t have. Include your child in family money decisions, they can start to form a realistic approach to life and understand that the things they do have are the result of planning and choices (for better or for worse).
Teach the Value of Investing: A basic savings account also teaches that investing smartly and consistently can grow your money. For teenagers, encourage the importance of building an emergency fund for future unexpected emergencies.
Get your child excited about saving money! The Kirby Kangaroo Club® is specially designed for children 12 and under, with interactive activities that make learning fun.
Designed for members 13-17, the Claim Your Youth Club® Savings account teaches financial responsibility including budgeting, buying your first car, and saving for college.
At age 13, Claim Your Youth club members become eligible to open their first checking account.Open an Account