Life Stages: Children | 5 Must Dos To Take Control of Your Finances

Just as the habits of proper nutrition, kindness and a good work ethic are best established in the early years, so too are the habits of personal finance. To make sure that your children have the best possible foundation for financial success, here are the top 5 steps you can take to ensure they're on the right track!


1

Open a Coindexter Club Account. Our Coindexter Club Account is a great first savings account for your child, and is available for them to use until they transition into the i[save] savings account at age 14. This is a great way to secure "piggy bank money" and your child will enjoy watching their savings grow. Not only will they take pride in having their "own" account, they'll also receive a welcome letter and activity book, quarterly newsletters, birthday cards, and special prizes when they reach $250 and $500.

2

Enroll your child in Coindexter.com. Coindexter.com is the world's largest children's website devoted to promoting financial literacy, and is a terrific tool for assisting your child in establishing sound financial habits. By replicating real-life scenarios in children's terms, this fun, safe and interactive space is a great way to engage your children in financial decision-making and you'll be amazed at the long-term dividends reaped from this type of early exposure. Subscriptions are available for extremely reasonable rates, and we encourage you to visit Coindexter.com to learn more!

3

Encourage them to save. Saving can be a fun and rewarding task for your child, not to mention develop confidence, patience and gratitude! And, it doesn't have to be complicated. One strategy that works well for many families is to have children divide any money they receive from birthdays, allowance, or other gifts into three categories: save, give, and spend. Once they've set aside a certain percentage to save and give to the charity or cause of their choice, they'll have the remainder to spend, which is gratifying and fulfills their desire to get something new. By establishing this system early, children will learn to apply it in very meaningful ways as they grow older.

4

Establish a plan for college. It's hard to believe, but one day your little one will be starting the admissions process for college, and you'll both be face-to-face with the question of how to fund the next four years. Wouldn't it be great to have that piece solved when the time finally comes? Education is one of the greatest gifts you can give to your child, and a 529 College Savings Plan is a perfect vehicle to help you save for that journey. Contact one of our Georgia's Own Investment & Retirement Services* for a free, custom consultation.

5

Plan for your own retirement. How will this help my child? In addition to setting a good example for your children, it's important to ensure that you're taken care of financially in your retirement years so that your children will not bear that responsibility. This can be overwhelming and easy to postpone, as retirement can feel like a lifetime away. However, the earlier you start, the less you will have to do. To get started or receive sound feedback/advice on your current retirement strategy, reach out to one of our Georgia's Own Investment & Retirement Services* for a free consultation.

* Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members.

Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

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