ECU Elementary
Good Habits
You’ve probably already established many good habits with your children: eating right, brushing their teeth, and doing homework before TV for starters.
What about good financial habits?
Get your kids in the habit of saving from a very young age by telling them to put 10% of their money away to save for a big ticket item they want. If you start when they earn their first dollar, they’ll develop the mindset of saving. Let them pick what to save for (college probably holds no interest yet but an xbox 360 might). As they near their goals, suggest that they save a little more than they need before making the purchase.
If your parents had gotten YOU in the habit of putting 10% away, how much would you have in savings now?
Money Management Lessons
Although most kids don’t have to concern themselves with managing money, you can teach your child the basics early on. Rather than giving your child their allowance every week, explain that they’ll now be getting it monthly. It’s going to be up to them to manage their money so that it lasts until the next month.
It might be tempting for a child who is not used to having so much cash at one time to quickly spend it all. But the experience of being left with little or nothing afterwards teaches them to handle their money in a smart, responsible way. Let them learn that lesson now when it really doesn’t matter, rather than as an adult, when the consequences will be far more significant.
An ECU Elementary Account Comes With The Following Perks:
- Free - Quarterly Newsletter
- Free – Savings/Share Account (Dividends Earned With No Minimum Balance Required) $25.00 Minimum Balance Required
- Free - Mobile Money
- Free - e Statements
- Free - Virtual Branch
- Free - EZ-Access Telephone Banking
- Free - Shared Branch Location
- Free - Access to ECU Academy Online
