A Guide to Healthy Family Finances

When you look back on your time at school, you probably remember being taught Maths, Science, English, and other important subjects. However, were you ever taught about your personal finances? How to save, budget, or borrow money?

Here at Cardiff and Vale Credit Union, we understand the significance of teaching children from a young age about the importance of managing their money, so they can develop healthy financial habits for later in life. This is exactly why we developed our School Savers Program.

In this article we will discuss how our School Savers Program can teach savings skills, and what can be done at home to further aid your child’s financial wellbeing journey.

What We Can Do:

Early Learning Opportunities

Our School Savers Program can introduce the concept of money as a whole, along with saving and budgeting. At School Savers Club, children can physically see the money they are saving, so they understand the concept of saving up and having a lump sum at the end.

Practical Money Management

We encourage children in our School Savers to identify the difference between a ‘need’ and a ‘want’. This will encourage a sense of responsibility and help with practical skills.

The Power of Saving

Our School Savers Program allows your child to have their own Junior Savings Account with us. Their money that they deposit at school will be put in their savings account, where they can watch their pot of money grow. This is very motivating and helps reinforce the importance of saving.

What You Can Do:

Set Financial Goals

Encourage your children to set realistic financial goals. Whether it's saving for a toy, a special event, or even for the future, goal setting allows for discipline and responsibility. As a family, discuss and celebrate each achievement, creating a sense of accomplishment and motivation.

Leading By Example

Children often learn by observing their parents. If you show your child that you are budgeting, saving, or making responsible financial decisions, they are likely to follow suit.

Money and finance can sometimes be a difficult topic of conversation, but if children get early exposure to the world of money it can benefit them greatly in the future!

For more information please don’t hesitate to contact us.

029 2111 1720

ccu@cardiffcu.com

www.cardiffcu.com