Parents have the important role of teaching their children life skills that will enable them to thrive as adults. One important skill is to learn how to manage money well. Practicing this skill early will help children through the inevitable financial ups and downs common in adulthood.
Opening a savings account for your children gives them a great opportunity to begin their training. In addition to developing the habit of saving money regularly, your child will learn how to differentiate between “needs” and “wants,” control their spending, and how to plan for their future. National Credit Union Youth Month is a great opportunity to start teaching them good financial skills. Every April, credit unions across the country focus on educating youth about financial health. This year’s theme,” Unleash the Power of Saving at a Credit Union™,” encourages kids to take care of their “pet” savings account and watch how powerful it can be. A strong and healthy savings account can provide security (and a lot of fun!) for their future. Please join us to celebrate Youth Month this April and help your child “unleash” the power of saving! If you open your child a savings account during the month of April, they will receive a coloring box, crayons, and some fun coloring pages! If they bring back their colored pages they will be entered to win a piggy bank full of quarters! Children who visit to make their deposits get to pick a prize out of our treasure chest!
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With the advent of technology in our lives, more of our personal data can be found online than ever before, from financial records to account information. Keeping this data secure and backed up in case of any eventuality is crucial to ongoing safety and security. In honor of World Backup Day on March 31, let’s take a look at potential threats to your data, the importance of backup strategies and some of the best practices for keeping your data safe and secure.
Data threats Your data faces a wide range of threats every day, from hackers to hardware failures to natural disasters. One of the most common threats to your data is malware, which can infect your computer or network and steal, corrupt or delete your files. Other threats include human error, power outages, equipment failures and physical damage to your devices. These threats can be devastating to your professional data, resulting in lost productivity, lost revenue and even legal liabilities. You don’t want to risk a blackout or a broken laptop leaving you up a creek. It’s essential to have a backup strategy that can help you recover from any disaster. Backup strategies A backup strategy is a plan for creating copies of your data and storing it in a safe, secure location. This can be done manually or automatically, depending on your needs and personal preference. Backup strategies are essential for ensuring the safety and security of your personal data since they can help you recover from a wide range of disasters and help you avoid the costly and time-consuming process of recreating lost data. Types of backup strategies In our increasingly digitized world, you can choose from several backup strategies:
Are you ready to back up your data? Follow these steps to get it done: Step 1: Choose a backup strategy. Use the information outlined above to choose a strategy that best suits your needs. Step 2: Assess your data. Identify the data that is most important for you to protect and prioritize it for backup. Step 3: Automate your backups. Use your chosen backup software to automate your backups and ensure they are created on a regular basis. Step 4: Test your backups. Test your backups on a regular basis to ensure they’re working correctly and can be used to restore your data in the event of a disaster. Step 5: Store your backups securely. Store your backups in a secure location, such as a safe or a remote data center, to protect them from physical damage, theft and other disasters. By following these steps, you can create a backup strategy that is reliable, secure and effective. World Backup Day presents an excellent opportunity to ensure your personal data is backed up and protected from corruption, loss or theft. Don’t wait for disaster to strike – back up your data today! Kids these days are growing up with more access to financial products than ever before. From debit cards to mobile apps and specialty accounts, they have so many options when it comes to managing their money. In honor of Youth Month, let’s take a look at why it can be a good idea to open a savings account for your child.
Teach the basics of saving One of the most important lessons you can teach your child is the value of saving money. A savings account is a great tool to help your kid understand this concept. By depositing money into the account on a regular basis and watching it grow, your child will learn the importance of setting money aside for the future. Teach kids about money management A primary benefit of opening a savings account for your child is that it helps them learn about money management in a truly hands-on way. When your child has their own account and they control their spending to a degree, they’ll learn the importance of tracking their spending and setting money goals. They’ll also learn how to manage an account at a financial institution. This includes depositing money, tracking balances and will later evolve into using a debit card when they get their first checking account and more. Help kids save for a short-term financial goal Turn the lesson of smart savings into a lifelong habit by having your child use their account to practice saving up for a short-term goal. First, talk to your child about their financial wish list, and help them choose a realistic goal. Next, help them create a savings plan while using their account, which will help them reach their goal. Your kid can now set aside money they’ve earned from an allowance or part-time job, or that’s been gifted to them for a birthday or another occasion, until they have enough money saved in their account to fund their purchase. Build credit early A child at any age can have a savings account. Financial institutions have differing policies for the minimum age required to open a share draft/checking account, but some are as low as 13 years with a parent co-owner. Many banks and credit unions offer credit cards along with youth accounts. So, as your child reaches adulthood, talk with your bank or credit union about getting a credit card with their name on it to help them start building credit at a young age. Prepare for the future Starting a savings account and learning experience from a young age can prepare your child for unexpected expenses in the future. As they age, their needs and expenses will increase, and the more you can help them prepare now, the better off they’ll be in the future. For example, your child may need extra cash to pay for a broken phone, or when they’re a bit older, for a car repair. Having money set aside for emergencies will teach them to be prepared for any financial reality. Teach investing and interest concepts A savings account can be a great way to introduce your child to the concepts of investing and earning interest. Many savings accounts offer compound interest, which means that the interest earned on the account is added to the principal, creating a snowball effect that can lead to higher growth over time. With some youth accounts, kids can even start investing in stocks, bonds and mutual funds with as little as $50. Teaching your child about these concepts can help them develop a lifelong interest in investing and financial planning. Build responsibility and independence Having a savings account can also help your child build a sense of responsibility and independence. By managing their own money and making decisions about how to save and spend it, they’ll learn valuable life skills that will serve them well in adulthood. Opening a savings account for your child is an excellent way to teach them important money habits and to prepare them for a financially successful future as more options open up to them. To open a savings account for your child at Ingersoll-Rand FCU, call, click or stop by today. |
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