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CFCCU Blog

Is Your Teen Financially Savvy? Part 1

By Hannah McElhose

Part 1 of 4 - Teens and Savings

Do you have funds set aside for your teenagers that you plan on giving to them once they start college? If the answer is yes, you could be doing more harm than good in the long run. If your child is someone who has not experienced having access to money, giving them a large amount when they head off to school could be a dangerous situation, and they could end up spending it very quickly.

So what should you do? The most beneficial thing that you can do for your teenager is to give them access to a savings account before they leave for college. This will provide the opportunity to teach your teen lessons on money management, which is going to be an important skill in college or career after high school. It also teaches them the importance of saving and gives them an idea of how to save.

If you don’t have a savings account open it would be a great idea to open one as soon as you can! The Cedar Falls Community Credit Union offers teen savings accounts with a minimum balance of only $5.00, and your teen can open a Certificate of Deposit for as little as $100, which will pay a higher interest rate, earning them more money. Plus, with the Cedar Falls Community Credit Union mobile app, it is easier than ever to track finances, and you can transfer money between accounts with the click of a button.

Click here to read a great article that outlines 5 reasons why all kids should have savings accounts. 

Call or visit your local Cedar Falls Community Credit Union to start a savings account for your teen today. 

123 W 4th St, Cedar Falls, IA 50613 (319) 266-7531
420 Viking Road Cedar Falls, IA 50613 (319) 277-3690
2000 Heritage Way, Waverly, IA 50677 (319) 483-2241

www.cfccu.org

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Hannah McElhose is a Senior at Cedar Falls High School, where she is actively participating in the CAPS (Center for Advanced Professional Studies) Program. As part of her CAPS project, Hannah performed an anonymous survey of high school students about their knowledge of money, savings and checking accounts, credit and debit cards, and saving for college.  Using her survey results, Hannah prepared a 4 part blog series titled, 'Is Your Teen Financially Savvy?'  

Is Your Teen Financially Savvy? Part 2
Bad Guys Are Hard At Work