News & Updates

The fact is, when young adults understand how money works, they’re better equipped to make informed decisions, avoid common financial pitfalls, and build healthy habits early. It enables them to focus on personal and professional goals rather than worrying about money.

Evergreen Credit Union recently introduced Kickstart Your Money 101, a comprehensive workbook aimed at empowering young adults with essential money management knowledge. This resource covers budgeting, saving, compound interest, and credit-building, providing a solid foundation for young people as they enter adulthood. For parents eager to foster strong financial habits in their children, Kickstart Your Money 101 can serve as a valuable guide.

Here are Evergreen’s top five approaches to get your children on the right path when it comes to finances. Use these strategies to help the kids in your life develop vital money management skills!

1. Introduce Money Concepts Early

• Use Real-Life Examples: Involve children in budgeting decisions, such as grocery shopping, to demonstrate how money is allocated and spent responsibly.
• Play Financial Games: Use board games like Monopoly or apps designed for financial learning, which make learning about money fun and interactive.

2. Leverage Tools Like Kickstart Your Money 101

• Engage with the Workbook Together: Use resources like Kickstart Your Money 101 as a guide for conversations, filling out sections and discussing key points together to reinforce understanding.
• Set Financial Milestones: Encourage your child to complete sections of the workbook by setting small goals or rewards, making financial learning a more engaging process.

3. Set Savings Goals Together

• Open a Savings Account: Encourage children to save by matching their contributions or setting milestones they can work toward. Our Sprout Savings account is a great way to start.
• Visual Goals: Create a savings chart or start a savings jar to help children see their progress, emphasizing the rewards and gratification of long-term saving.

4. Teach the Importance of Budgeting

• Establish an Allowance System: Offer an allowance in exchange for chores, dividing it into categories like saving, spending, and giving. This helps children understand budgeting from a young age.
• Track Expenses: Encourage them to record their spending and discuss how they might allocate money better in the future.

5. Model Financial Responsibility

• Be Transparent About Money Choices: Discuss your own budgeting, saving, and spending decisions in a way that’s appropriate for your child and their understanding. Kids often learn best by observing parents.
• Emphasize the Importance of Giving Back: Show the importance of philanthropy and how financial resources can be used to benefit others, creating a well-rounded perspective on wealth.

By combining these strategies with the practical tools in Kickstart Your Money 101, parents can give their children the head start they need for a secure financial future. Evergreen Credit Union’s workbook is a great step towards building generational financial literacy and helping young adults start their journeys with confidence. Programs like Evergreen Credit Union's Kickstart Your Money 101 workbook are excellent resources for teaching these essential skills. When young adults are equipped with the knowledge and tools to manage their finances well, they can build solid financial foundations that benefit them throughout their lives.