The best way to teach your kids about managing money

While hindsight is 20/20, if parents could go back in time, many would say we spoiled our kids too much. As parents, it’s hard not to. We want our kids to have the very best in life. More times than not, the very best in life doesn’t involve immediate gratification and it has little to do with material possessions. The very best we can give our kids is a strategy that requires the discipline of saving and budgeting in order to reap the rewards of financial freedom later in life.

Actions speak louder than words

How do we impart those life skills to our children? Let’s begin by taking this strategy off the table – the all too familiar exasperated parental response, “Do as I say, not as I do.” Like it or not, our kids are watching us. We are teaching them by way of example both right and wrong ways to effectively manage money.

The good news is that our kids don’t require perfection, but crave transparency. It’s a very positive experience to sit your kids down and say that you want to start working together as a family on creating a better and brighter financial future. You don’t need to share the details of your finances with your kids, they just need to see that you’re focusing on them and making positive steps in the right direction – even if those steps lead to saying “no” more often than you say “yes” on your next shopping spree.

We have tools to help you get started

MYINSIGHT is a free financial management tool you can use to better understand and manage your finances.

It also allows you to:*

  • Add external accounts
    Get a clear picture of your checking and savings accounts, investments, credit cards, loans, mortgages and other lines of credit from Travis and other financial institutions or companies. You can view your entire financial life on one easy platform.

  • Review your transaction history
    Transactions are automatically categorized. By reviewing and adjusting your transaction history, you can accurately see where your money is going. This will help you make adjustments in your spending habits to help you stay within your budget.

  • Set up a budget
    MYINSIGHT can automatically generate a budget based on your spending history from the previous 90 days. This gives you a realistic starting point.

For more information and helpful videos about the MYINSIGHT digital money management tool, visit www.traviscu.org/myinsight.

MYINSIGHT


 

We offer free financial seminars for you and your children

(Ages 14 and older)

Travis Credit Union offers free financial seminars covering a variety of topics geared to help you improve your financial life and achieve your financial goals. When your family sees you making an effort to make positive changes, they may be more inclined to follow suit. Mad City Money is a seminar designed to give high school students a sense of adulthood with income and bills to pay. It gives them a chance to practice budgeting, experience the consequences of poor decisions, develop good judgment regarding spending and understand the necessity of budgeting. Visit our Online Calendar for a full listing of upcoming seminars for yourself and your student.

Free Seminar Calendar

 


*Must be enrolled in Online Banking to use MYINSIGHT.