How to Set Your Children Up for Financial Success

All parents want the best for their children, but often the financial responsibility we learn from our parents is anything but responsible. One of the most important lessons a parent can teach a young adult is how to spend and save responsibly. Here are a few key ideas to discuss with your child to set him or her up for financial independence in the future:

• Explain the need for budgeting and how to create a working budget.
  
• Explain income taxes and how 401ks and IRAs can help you save on taxes, while saving for the future.
  
• Teach your child how to manage credit cards and avoid debt.
• Stress the importance of filing important documents in an organized manner.

Financial Fitness: Debt Management and Financial Planning

Financial fitness starts with goal oriented solutions, including financial planning with debt management.

1. Healthy Credit Profile - Starting, maintaining and consistently monitoring are the keys to a healthy credit profile.
2. Debt Management - TAKE CONTROL! This means start living within your means and not letting impulse and pressure make you a victim of unhealthy debt management.
3. Reduce Debt - Rather than making that next purchase, put that money toward managing the debt you currently have.
4. Budget - A financial budget allows for an clear look at our finances.

Members of Credit Unions have the opportunity to benefit not only from high yield savings and checking accounts, but also high return CDs and other benefits. Many customized financial planning and debt management programs are available, including Home Loan Programs, Young Adult Programs, Retirement Financial Planning Programs and more.

This is because credit unions are owned by you, their members. Credit Unions fortify their financial strength by being a not-for-profit organization where profits are returned to their members in the form of lower interest rates and higher yields on savings accounts.