Military Youth Saves - Parents

Military Saves, us military loans, military savings, mission readiness, financial readiness, us military money, military investing

 

Our Military Youth Eagle has a name... "Skyler, Soaring with Savings".

Parents, your kids and teens learn their savings behaviors from you. Participate in Military Youth Saves and help your kids secure their own futures.
Learn saving strategies courtesy of Kidnexions.

Teachable Moments

The best way to teach kids financial literacy is in the context of their everyday lives. Here's this month's teachable moment:

If your kids do not have their own savings account at a bank or credit union, today's the day. Grab their piggy banks and start the car. Call your bank first, though, to make sure you bring the necessary items (SSN...).

Then, when you get back home, help your child create a file folder where they will keep their important bank statements. This makes them feel so grown-up. And even though we are moving towards doing everything online, in the beginning, it's important that kids have a hard copy of their statement. It's more real that way. Besides, they love getting stuff in the mail and it's a perfect opportunity to sneak in some teachable moments as they rip open the letter looking to see what their balance is.

If your child already has a savings account, beautiful! You're going to pull out their last statement and go over everything on it. They need to know how to "read" a statement. This is a great opportunity to introduce new and review old vocabulary:

  • Balance: the amount of money in an account at that particular moment
  • Deposit: the act of adding money to an individual's account
  • Withdrawal: the act of taking money out of an individual's account
  • Credit (as reflected on a bank statement): money deposited to an account
  • Debit (as reflected on a bank statement): money withdrawn from an account
  • Interest/dividends (banks pay interest, credit unions pay dividends): the money earned on investments

Go to KidNexions.com

Tip of the Day

  • Written by Guest Blogger | April 30, 2014

    Check out these 54 Ways to #save on groceries, transportation and more >> http://ow.ly/sfsPP

Saver Stories View all »

When You Start Small, Saving is Easy

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

Read more...

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...

How Smart Financial Decisions Can Create Opportunities 

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

Read more...