Monday, February 20, 2017

Raising Money-Savvy Kids

It can be a challenge to get your kids excited about saving money. Teaching good money habits, though, starts at home and it starts early! Contrary to popular belief, your child will be more financially sound with continued math education and regular money discussions than from an academic finance curriculum. That’s good news for parents, who can promote good money-related behavior in simple and age-appropriate ways.

For younger children, start with simple concepts that they can understand. Explain the difference between buying, borrowing, and saving. You could even use the three jar method to teach about spending, saving, and giving. Discuss some of your buying choices during a trip to the grocery store, or if the child is old enough, encourage them to compare pricing on products and help you purchase certain items.

piggy-bank-478158_640.jpgAllow your child to count out money and hand it over to the cashier to see how money is exchanged. Understanding the output of money will help them grasp the concept of saving it! Then, when it comes time to decide what to do with gift money from a birthday or Christmas present, discuss options of spending or saving it.

Having an old fashioned piggy bank at home where your kid can watch their money accumulate can make saving money more fun! Discuss with them a special event or purchase for which they are saving. As your child grows, they can even intentionally put money away for college, a car, or another major purchase.

Once the piggy bank is full, bring your child to Mid-Minnesota Federal Credit Union for a special “big kid” trip! Beginning as early as kindergarten can be a great time to open a savings account for your child. Taking trips to the bank monthly or annually can become a fun, routine date with your kid.

Here at Mid-Minnesota, we can help your family save. Check out our savings options, particularly our Term Share Certificate for kids under 18.

Friday, February 17, 2017

Fall in Love with Saving Money

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As February is the month of love, we ask, who doesn’t love than saving money? Saving money doesn’t have to be such a painstaking task; it can actually be quite fun and easy. Mid-Minnesota Federal Credit Union wants to partner with you for a better future. Saving is easy if you set goals and accomplish them. We’ve gathered the best ways to save money that will help you fall in love with more than just that special someone this month.

Start Small

Start with a change jar. You will be surprised to find how fast the coins at the bottom of your purse or pocket will add up. As the famous saying goes, a penny saved is a penny earned. Once your jar is full, deposit it into your savings account and watch your savings grow!

Save Heroically

Become a Super Saver at MMFCU. Earn a dividend based on your average monthly balance. The more you save, the more you’ll earn. A great tip is to avoid dipping into your savings once it’s deposited. The money in your savings should only be used for emergencies or under special circumstances.

Pin Ideas for Later

Follow our saving and spending board on Pinterest. We’ve put together a collection of ways to save money and to spend less. Participate in one of the money saving challenges, learn the latest tips, or find ways to spend less on things you already do. Your savings account will thank you.

Get the Kids Involved

Pass down your money saving habits to your children. A Term Share Certificate may be the perfect solution you’re looking for. Our young members age 0-18 earn great rates with traditional Term Share Certificates for 6, 12, 18, 24, and 36-month terms. The older your children get the sooner you’ll wish you started saving.

Gain Some Incentive

Save to win! WINcentive Savings is a savings account that offers you the chance to win prizes from statewide drawings. Prize drawings occur monthly, quarterly and annually. The more you save the more chances you have to win. Start saving soon because the grand prize is $5,000!

Saving money doesn’t have to be boring, stressful or unrewarding. Save with excitement and you’ll end up falling in love with your bank account. Whether you’re saving for a car, house or special someone, Mid-Minnesota Federal Credit Union provides a variety of ways to save.