4 Ways to Make Finances a Family Affair

April is National Credit Union Youth Month, a month when we encourage our youngest members to save small and dream big. Whether you have young kids, older teens, or no kids, it’s important to have financial discussions with your family unit. Our experts have compiled several tips for getting everyone involved in smart finances that could help spark discussions in your home!


Talk about the value of money.
Understanding the value of money from a young age is important. As a kid, the price of a toy or a candy bar may not be tangible. Bring your entire family into the conversation of putting context to the value of money by using things like your weekly grocery bill as an example.


Understand the difference between needs and wants.
Simply put, most purchases fall into two categories, needs and wants. An easy way to visualize the difference is through a budgeting tool like Money Management, available to all BHFCU members. Separate the money you spend on food into groceries and eating out. And compare money spent on bills to money spent on entertainment or shopping.


Break down what saving means and set goals.
Discuss the things your family should be saving for and set goals together. Now is the time to discuss the difference between having an emergency savings fund and planning to save throughout the year for that big vacation and why both types of savings are important! It’s also a great time to discuss setting aside a certain amount each paycheck or month for savings.


Share the decision-making power.
Talk about sharing the spending power with the whole family. Set up learning and growing opportunities for all ages, whether it’s giving your teenager a month’s household budget to work through or allowing your youngest to make decisions with their own cash in the toy aisle.