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By: AgFed Credit Union

Welcome to AgFed Credit Union's MoneyDig blog! 

Get confident about your personal finances with a number of articles, tips, advice and more.


Strengthening Financial Foundations as a Family

 May 13, 2024
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In today’s ever-evolving economic landscape, financial education for families has become more important than ever. Teaching children the basic principles of responsible money management will be crucial in setting them up for future success and financial well-being.

One effective way to instill these valuable lessons from an early age is through the concept of banking together as a family. By leveraging your credit union’s resources and support, your family can embark on a shared journey toward financial empowerment and security.


The Benefits of Banking Together with Your Family

Banking as a family offers benefits beyond just financial convenience. It provides a pathway to teaching lifelong lessons, fostering healthy monetary habits, and nurturing a sense of unity within the household. By banking together, you can transform your family’s financial journey.

  1. Ability to Teach Financial Lessons by Example


Modeling healthy financial habits is one of the most impactful lessons a parent can instill in their children. By actively involving them in your family’s economic decisions and practices, they will gain invaluable real-life lessons that can shape their future behaviors. Whether budgeting for groceries, saving for a family vacation, or creating a college savings plan, every financial decision presents an opportunity for learning and growth. 


  1. Building Healthy Financial Habits Together


By fostering a culture of regular saving and responsible spending, families can lay the groundwork for building long-term healthy financial habits. Simple tasks like setting aside a portion of their allowance and distinguishing between wants and needs, every step taken toward cultivating financial responsibility is a step in the right direction.


  1. Easily Manage Money with All Accounts in One Place


With the hustle and bustle of daily life, managing multiple financial accounts across different institutions can be a huge hassle. By keeping your family’s accounts all at the credit union, you can enjoy the convenience of centralized financial management. From checking and savings to loans and investments, housing your family’s finances under one roof streamlines your household’s funds. With everything in one place, it’s easier to track expenses and income, transfer funds, and deal with issues like potential fraud or a teen accidentally overdrawing their account. 


  1. Building Familiarity with Your Financial Institution


Establishing strong relationships with your credit union benefits the entire family. By giving your children an early start and introducing them to the services and resources available, you equip them with the knowledge to navigate their financial journey with ease and prepare them to face each big step with confidence. From opening their first savings account to applying for car loans, student loans, and their first mortgage, the credit union is here to support your family every step along the way.


  1. Working Together to Achieve Financial Goals


Teamwork makes the dream work. By setting collective financial goals as a family, you foster a sense of unity and purpose. Whether it’s saving for a family vacation or managing their college savings fund, sharing progress updates and supporting each other along the way strengthens your family bond and reinforces the value of working together.


How We Help You Bank as a Family

At the credit union, we are committed to empowering our members to achieve their financial goals, and we extend that commitment to the entire family. Your family will find a wide range of products and services designed to meet their needs throughout every life stage. We make banking together a seamless experience.

  1. Opening Joint or Linked Accounts


Our flexible account options make it easy for families to manage their finances under one roof. Whether you want to set up a joint checking account for household expenses or link to other family members’ accounts for easy funds transfers, we provide tools to simplify financial management.


  1. Using Online & Mobile Banking


In today’s digital age, managing your finances has never been easier. With Online and Mobile Banking, you can access your accounts and perform most banking needs with just a few clicks. Our digital tools provide convenient access to your accounts anytime, anywhere. By introducing your teens to the availability of online banking platforms and mobile apps, you empower them to take charge of their financial journey from the time they get their first phone.


  1. Enrolling in Account Alerts


Helping your children, especially teens, manage their money responsibly is paramount. Setting up account alerts can notify you of actions, such as if your child’s balance is low. Simple alerts can provide teachable moments for your family and help steer your child away from future financial mistakes.


  1. Utilizing Payroll Deductions & Automatic Transfers


Whether you’re transferring money to your child’s account as an allowance or ensuring your teen is saving a portion of their paycheck from their first job, automating the process makes everyone’s life easier. Payroll deductions and automatic transfers can place many routine banking transactions on autopilot – keeping your family’s finances on track without lifting a finger.


We’re Here to Help!

Banking together as a family allows you to teach important life lessons and cultivate healthy financial habits for you and your children. Life can get busy, but responsible money management is a skill that will benefit your children throughout their lives. Make it a priority, and together, let’s build a brighter future for our children and families.

If you want to learn more about the unique products and tools we offer families, we’re ready to help. Please give us a call today.