WELCOME TO A BRIGHTER FINANCIAL FUTURE!
Your go-to resource for trusted advice and financial guidance to build a solid foundation that will empower you for life.
Financial wellness is more than just having money in your pocket. Financial skills like responsible spending, saving for the future, and achieving your goals are the keys to unlocking a future of opportunities and success.
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Breaking up the concepts of managing money throughout life helps to slowly integrate the idea of financial wellness making it an easier transition to independence. Explore these financial resources and tools designed to support your goals to achieve financial wellness at every stage in life.
Ages 0-3 Start Your Journey to Financial Wellness Here:
Very young children won't fully understand the value of money, but they can start getting introduced to it. Here are fun ways to introduce your baby to finances:
- Learn the shapes and colors of coins, dollars, and cards.
- Play a coin identification game and match the coin to the image (Note: Toddlers may try to swallow coins, so always provide close supervision.)
- Practice the names of coins
- Children enjoy playing imaginary shop, exchanging play money for goods, which helps them understand the basics of commerce.
Ages 4-6 Start Your Journey to Financial Wellness Here:
It’s never too early to teach your kids about managing money. Allowing them to observe how you manage your finances is a simple activity you can incorporate into your daily routine.
Valuable lessons children can learn from adults:
- Trips to the bank, store or ATM can be a perfect time to discuss how you use money.
*Pro Tip: OUCU Financial has stickers for your little helper! - Explain the value of money when deciding if your purchase is a need or a want.
- Playing restaurant can illustrate how working provides an income and then using that hard-earned money to pay the bill.
Ages 7-9 Start Your Journey to Financial Wellness Here:
Is your piggy bank full? It’s time to consider what to do with the money you are saving. If you haven’t already, open a savings account and plan how you can make regular deposits.
*Did you know at OUCU Financial, you get a toy from the treasure chest with each deposit you make?
*Did you know OUCU Financial pays you for good grades?
It is fun watching your money grow! Here are some other ways to have financial fun:
Take up coin collecting as a hobby.
- Ask how you can help with chores to earn an allowance.
- Create a wish list of items you want to save for and track your progress with a fun chart and budget.
- With your guardian's support, start a small business, like a lemonade stand or a craft sale, to understand the basics of entrepreneurship and the value of hard work.
Ages 10-12 Start Your Journey to Financial Wellness Here:
Save, Spend Share. It’s time to familiarize yourself with the 50/30/20 rule! Understanding the difference between a need, like school supplies, and a want, a new video game, will help you be a smart spender.
Additionally, consider setting aside a part of your money or time for a good cause. Helping a local animal shelter or contributing to a community project not only feels great but also helps you understand the impact you can make.
With your guardian’s approval, here are some fun and creative ways to earn a little more:
Expand the menu on your lemonade stand.
- Declutter your old toys and clothes and host a yard sale.
- Connect with your neighbors offering services like racking leaves and washing windows.
- Sell handmade crafts at the farmers market or local shops.
- Play money-related board games like Monopoly or The Game of Life with family and friends.
Ages 13-15 Start Your Journey to Financial Wellness Here:
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Responsibility comes with responsibilities. In this era of your life learning to balance fun and function is your new reality. Mistakes are a part of life. It’s time to appreciate where your lunch money, school supplies, and other essential resources are coming from. Allowance can go very quickly for teens.
How can you contribute to the family budget?
- Ask people you look up to what they value.
- Build a good professional reputation doing small like dog walking and babysitting.
- Challenge yourself with a short-term financial goal like saving for an item over $100. This accomplishment may take longer than anticipated.
Ages 16-18 Start Your Journey to Financial Wellness Here:
Fast cars and freedom. The financial knowledge you have gained over the years now has value beyond your bank account. For the first time in your life, you must start looking ahead of tomorrow and make a long-term financial plan. If you have goals like higher education, buying a car, or moving out on your own, the time to start saving is now! From this point forward, all things finances point to your credit score. You need to make smart decisions that will positively impact your financial future.
- Prepare your resume and apply for jobs ahead of summer break.
- Talk with your guidance counselor about your higher-education options and scholarships early to take advantage of scholarships and internship programs.
- Understanding how credit works, how to build and maintain good credit, and the costly effects of credit misuse.
- Remember these are the best years; acknowledge your hard work and give thanks to those who have supported you to this point.
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Ages 18-21 Start Your Journey to Financial Wellness Here:
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To quote Taylor Swift, “You're on your own, kid.” You are at an age where mistakes are costly. An emergency fund will keep you from falling into debt. Saving money is a cornerstone of financial wellness. Remind yourself that discipline today hurts more than disappointment tomorrow.
Financial wellness is not just about the present; it's about planning for the future. Once you have some financial cushion, the next step in your financial journey is making wise investments. Learn how the stock market and your employer can contribute to your retirement. Pro Tip – with investing, it is not about how much you invest, but how long you have the investment.
Borrowing money is inevitable, you will likely need a loan for something and it is wise to build your credit history to enhance your potential borrowing power.
Consider these financial products and best practices:
- Credit Card – revolving access to the amount of money allotted on your credit limit to use for responsible purchases with a solid plan to pay off the balance in full each month to avoid additional interest charges.
- Personal Loan - a great option to borrow a set amount at interests rates often lower than a credit card for life’s unexpected moments like a medical bill, car repair, or wedding.
- Auto Loan – get preapproved or determine what monthly payment you can afford to stay within your means when financing your next vehicle. (Link to FWC- Auto)
- Debt Consolidating Loan – allows you to combine all your existing debts into one single loan with one monthly payment to get you back on track to financial wellness.
- Home Loan & Home Equity Loan – borrow to purchase your home or access the equity or available value of your home.
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