Money Minute With Yasmin Young: Teaching Kids Good Money Habits

Have you ever wondered about how you can get your child comfortable with saving their money versus wanting to spend it right away on their favorite toy or video game? I know that even as an adult, it can sometimes be hard to get into that mindset of savings.

The truth of the matter is that savings is really a learned behavior, so it's important to teach children about the importance of it while they're still young. Alexis Kraska of Good Neighbors Credit Union explained to me that the most effective way to do this is by creating a plan.

When you sit down with your child to create their plan, have them decide on what it is exactly they want. What are their short-term goals? These can be things like sweets, toys, and fun activities. Long-term goals can be a college fund, a car, or even a vacation.

Another thing about savings is that it's a developed habit, so whether it's that little piggy bank at home or actual savings account at a bank, you want to go ahead and help them establish it.

You really want your child to build on success because once they actually achieve that goal, they're going to feel the tremendous sense of satisfaction and fulfillment that comes along with it. 

If you're considering opening up a savings account for your child, I think there's no better place to do so than Good Neighbors Credit Union. They have two branches — one in Buffalo at 251 Grant St. and 30 Brunswick Rd. in Depew — and you can rest assured that all your child's money will stay invested right here in the community where they live because that's the GNCU guarantee.