National Credit Union Youth Week 2012

What kid wouldn't want to throw on a trench coat, dust off an old magnifying glass and slap on a play mustache to become a detective for a day? Children everywhere are intrigued by the thrill of mysteries and the detectives that solve them. Little do these kids know they also have the ability to tap into detective mode by investigating ways to save and becoming a credit union savings sleuth during the month of April at the credit union.
Introducing children to their inner savings sleuth will help lead them down the path of saving. This year's theme, "Savings Sleuth, Solve the Mystery,™” shows youth and teens how Darden Credit Union can help them use their own instincts and credit union resources to meet financial goals.

Whatever young members are saving up for, we are ready to lend a hand. And what better way for youth to learn the value of saving, then with our primary savings account which pays 5.00% APY* on the first $500!

PlayDough
Ready to teach your child about money and the importance of saving? Our Play Dough Kids Club Account is a great way for children to learn how to manage their money and save for the future. It is a savings account in the name of the child with a parent or guardian joint on the account, and it earns the same interest rate as our primary savings account

L2Save

Interested in a hands-on way to teach your teen financial responsibility? Our L2Save account is exclusively for teens ages 13 through 17, and it provides an opportunity for teens to learn money management skills. It is a savings account in the name of the teen with a parent or guardian joint on the account, and it earns the same interest rate as our primary savings account.

Youth are eligible to add our free checking account with debit card at age 16.

Teach Children the Power of Saving From a Young Age

By teaching kids how to save for their goals, they'll have one of the most difficult aspects of saving under their belt by the time they're teens—being a consistent saver.

Here are just a few examples to help teach kids of different ages about the savings game:

* Have young children—preschool age—sort different types of money into piles by color and size.

* Play grocery store or credit union/bank. Help them use a pretend cash register.

* At the grocery store, let kids of all ages help you shop. Teach them how to comparison shop—for example, show them that for every $4.99 box of cereal, there may be similar brands on sale for half as much.

* As kids get older, let them know what things cost. Share sales receipts and bills that you receive for items or services you've purchased for them.

* If you decide to pay your kids an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for. The amount is your call, but allow them input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing. Clarify what you'll pay for and what they should be responsible for. For example, when you're at the movies, maybe you agree to pay for a small drink and popcorn, but the Milk Duds are on them.

* Show children what compounding interest means. Explain that as kids save, they're constantly earning dividends on their savings—on top of that, they're earning dividends on their dividends.

* As kids reach high-school age, clarify what you will pay for and what your children are responsible for. For example, your kids may want the newest cell phone that comes with a really high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items is on kids, the "latest and greatest" aren't so important.

Find great resources, articles, education, interactive guides and games for youth at DCUniversity.