No matter your age, it’s important to recognize the value of saving money and budgeting. Early in life, understanding what to do with wages from a summer job or an allowance can set you on a path toward financial responsibility. If you continue to exercise your saving muscles, those same principles will hold true throughout your life.
April is National Financial Literacy Month, which makes it a great a time to focus on financial education. At VyStar Credit Union, we are passionate about improving the communities we call home — and one of the most important ways we do that is by helping people of all ages achieve financial success. By teaching the value of money management early on, we can set younger generations up for a strong financial future.
One way to start learning is by opening a savings account, and all VyStar savings accounts are federally insured by the National Credit Union Administration. This is a great way for young people to learn the basics of saving and managing money. Parents can encourage their children to set aside a portion of their allowance or earnings from a summer job each month and deposit it into their savings account. Over time, this can help them to build up their savings and learn the importance of planning for their future. To help instill good financial habits, VyStar offers youth savings accounts built specifically for young adults. Who says a weekly allowance can’t go a long way?
Opening a savings account is just the beginning when it comes to building financial responsibility. To help students gain real-world experience while in high school, we offer our High School Branch Program, which provides high school students with real-world experience in banking and finance. Available in 18 high schools across the communities we serve, students work in a fully functioning VyStar branch within their school. Our goal is to provide students with knowledge of establishing good credit, money management and key financial services like loans, credit cards, budgets and savings accounts. By working in the credit union, students are better equipped to handle their finances when they graduate from high school and move on to college or the workforce. Since its inception in 2006, our High School Branch Program has reached more than 106,000 students with financial education.
By providing young people with the opportunity grow financially or gain hands-on experience, we can help them develop the skills and knowledge they need to make a strong financial foundation to last them for the rest of their lives. Financial education is not limited to high school students. It is important for everyone, regardless of age or financial status, to have a solid understanding of money management. We offer free financial education programs to help individuals learn about managing money, credit and investments. By taking advantage of these resources, anyone can develop the skills and knowledge necessary to make informed financial decisions and achieve their goals.
Whether you are a young adult or an established professional, there are always opportunities to learn and grow your financial knowledge. VyStar is here to help every step of the way.
The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. VyStar Credit Union disclaims any liability for decisions you make based on the information provided.