Credit Union Youth Month: Setting Goals

Setting goals is an essential part of any successful savings plan. Without a clear idea of what they're saving for, kids (and adults) may struggle to find the motivation to save. That's why it's important to encourage your child to set savings goals and work toward achieving them.

In our last Youth Month article, we went over the importance of saving for emergencies and how the 10% rule can help your child to save regularly. The remaining 90% of their income should ideally be used to take care of any expenses or obligations they may have. Now, that will vary greatly depending on their age. While young children probably won't have any expenses at all, a teenager may be responsible for paying for part or all of their phone bill, car fuel, and so on. Once they've paid for what they need, they can spend some of their money on whatever they like and save the rest for things they'd like to eventually buy. After all, many people find saving to be easier when they're saving for something specific.

Set Goals and Plan Ahead

Start by talking with your child about what they want to save for. It could be something small, like a toy or a game, or something bigger, like a new bike, family vacation, or education. Once you have an idea of what they're saving for, you can help them break down the cost of the item and create a plan for reaching their goal.

For example, imagine that your child wants to save up for a $50 video game. If they get an allowance of $10 per week, help them to understand that it will take five weeks for them to save up enough to buy the game. Help them set a goal of saving $10 per week for the next five weeks and track their progress along the way.

Get Creative

Encourage your child to get creative with their savings plan. They could start a savings jar and decorate it with pictures of what they're saving for. Or, they could keep a savings log to track their progress and celebrate each milestone they reach.

Delayed Gratification

It's also important to teach your child about the benefits of delayed gratification. Help them to understand that by waiting and saving up for something they want, they'll appreciate it more when they finally get it. This can be a tough lesson to learn, especially in a world where instant gratification is often the norm. But it's an important lesson to learn.

Positive Reinforcement

Finally, be sure to celebrate your child's successes along the way. When they reach a savings goal, take the time to acknowledge their hard work and dedication. This will help to reinforce the importance of saving and motivate them to keep going.

Savings Tools

Youth savings accounts can be a powerful tool when teaching your child the importance of saving. This April, make the most of these limited-time offers from Cyprus Credit Union in honor of Credit Union Youth Month.

• Open a Dollar Dog account (12 years old and under)
  Ideal for children aged 12 and under, Dollar Dog accounts can be used to teach youth how to save and manage money. Plus, we’ll give you $5* to get the account going when you open it in April.
  
  
• Open a Dream Certificate (18 years old and under)

  With flexible terms and the yields of a traditional certificate, a Dream Certificate can help you fast-track your child’s savings. We’ll match your initial deposit up to $25* when you open a Dream Certificate this April for your child aged 18 and under.

Teaching your child the importance of saving could win you a family-fun prize!**

By opening a Dollar Dog account or Dream Certificate during the month of April 2023, you’ll automatically be entered into Cyprus Credit Union’s drawing to win family pass to your choice of the following (10 winners will be selected at random):

• Utah’s Hogle Zoo
• Thanksgiving Point
• Discovery Gateway Children’s Museum
• Utah State Park Pass
• U.S. National Park Pass

Schedule an appointment at your nearest branch or contact us at 801-260-7600 (option 4) to open an account for your child today.

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*Limit one per child. Child must be 18 or younger to qualify for Dream Certificate bonus and 12 or younger to qualify for Dollar Dog bonus.

**Membership and eligibility required. Offer available on new accounts only. Members earn one entry for every qualifying account opened. Odds of winning depend on the number of entries received. 10 winners will be randomly selected. Winners will be notified via telephone by May 31, 2023. Cyprus employees, volunteers, and immediate family members are not eligible. Contest prizes are non-transferrable and may not be substituted. By participating, entrants agree to release, discharge, and hold harmless Cyprus Credit Union from any and all injuries, liability, losses, and damages of any kind resulting from their participation in the contest or their acceptance, possession, use, or misuse of prizes. All taxes on prizes are the sole responsibility of the winners. Prize will be awarded to the parent/guardian connected to the account. Additional terms and conditions may apply. Contest ends 4/30/2023.

Federally insured by NCUA.

Promo code: CUYOUTH23