August's Basecamp Newsletter
Welcome to Basecamp, the monthly newsletter from P1FCU! Each month, we'll bring you free tips and strategies to improve your financial well-being, plus some insight into all the resources you have access to as a P1FCU member. As your kids get back to school, have you considered another area of learning for them: financial literacy?
How you can raise financially literate kids
Many parents hesitate to teach their kids about financial literacy because they feel their own lack of financial savvy makes them unqualified. However, we couldn't disagree more. Teaching your kids financial literacy can be a fantastic learning opportunity for you as well.
Furthermore, kids need to get started with the basics, so even if you don't feel like you're the best at balancing the books, or you're an impulse spender, you are still more than capable of teaching them the basics.
Teaching kids about financial literacy starts when they're young, and it's more about teaching them basic concepts than it is about practical skills. Some of the foundational concepts to teach kids are goal setting, earning money, spending money responsibly, and saving money in a bank account. As kids get older, you can include them in more hands-on financial literacy concepts.
Foundational Concepts to get started with
Setting Goals
Goal setting is a fundamental skill for all aspects of life, and it’s never too early to start teaching it. When it comes to financial literacy, setting goals is crucial because it lays the groundwork for effective budgeting, saving, and investing habits. By helping your child understand the importance of setting financial goals, you’re equipping them with a mindset that will serve them well throughout their life.
Earning Money
Another fundamental concept to teach your kids is the notion that money is earned.
Teaching your kids that money is earned through hard work helps them understand its value. If the only way kids come into contact with money is through gifts, this doesn't instill the notion that money comes from work.
Spending money responsibly
Once your child has to access money, teaching them how to spend money is the next step.
Saving money in a bank account
One of the most important steps is ensuring your child has their own bank account. As they get older, teaching them how to check their balance and make deposits puts them on the path to become financially literate adults.
Keep reading for more on these topics and details on how you can easily manage your child's money using Greenlight and hands on activities you can do with your child.
We can't wait to see you at the P1FCU Kibbie Dome!
Football season is quickly approaching, and we're excited for another fantastic season of Vandal Football. You can find us at every home game in the tailgate area and up by the entrance where we're playing games and giving away items.
Speak face to face with a representative through Video Banking.
No matter where you are, you can speak with P1FCU representative through Video Banking. All you need to do is visit our website to launch your session with a representative or loan officer to get started.
Keep track of your credit score to prevent identity theft
A hallmark sign of identity theft is activity on your credit report that was not your own. Luckily, now there are countless credit monitoring services out there that can help you easily keep track of your credit report and score online.
P1FCU members have free access to My Credit Journey in their Online and Mobile Banking which lets them see their score and keep up with their report.
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