It is never too early to put your kids on the path to savings; and your credit union can help you get started. Helping kids learn early about the importance of saving is an important step in heading off financial problems later.
You may be surprised to learn that not only are Americans struggling under the weight of crushing debt but spending has now outpaced saving. You can break this cycle, characterized by too many credit cards, large outstanding balances, late payments and over the limit fees by helping your child learn to manage his/her allowance or earnings right now...today, because there is no time like the present.
Many financial experts have been advocating the “save, share, spend” approach and families are getting on the bandwagon. Using this approach children divide money available to them into the above outlined categories.