Category: Youth Savings

Back – to – School Budgeting Surprises

On By mutualcuIn Financial Lessons, Just for Fun, Saving Money, Uncategorized, Youth SavingsLeave a comment

young boy child with Abacus

And How To Get Ahead Of Them

Ah, back-to-school season. Your child is anticipating the academic year ahead of them, and for parents, too, this can be an exciting time. But it can also be an expensive one — especially when you get blindsided by costs you weren’t expecting. Here’s your guide for how to handle unexpected back to school expenses.

Where To Start

A new school year can mean new activities and interests — many of which demand dollars. Talk to your child in advance about what they think they might be interested in, says Trae Bodge, smart shopping expert at truetrae.com. “Especially as they get older, they might not be talking to you as much about things they deem important,” she says. “Keeping those lines of communication really open can help you as a parent anticipate what the costs might be.”

The school will likely provide a list of necessary supplies. But there’s nothing wrong with writing to your kid’s teacher — even during the summer — and inquiring about needs, especially for items that are generally more expensive, like field trips and technology.

Also, keep in mind that when you’re trying to anticipate costs, one of your best sources of wisdom is your spending history. “I would look at your back-to-school shopping costs from last year. See what you spent on that you didn’t anticipate, and factor those items into your budget if you need them again,” says Andrea Woroch, consumer savings expert at andreaworoch.com.

Extracurriculars = Extra Costs

Your kid’s extracurricular activities always seem to inspire activity in your wallet. For activities like dance and gymnastics, you may have to purchase costumes for performances. And for things like Model UN, your child will need business attire. Also, if your child is an athlete, you’ll likely have to pay for equipment. “Nowadays, especially since the recession, a lot of schools can’t cover the cost of uniforms, and in some cases even basketballs and footballs,” says Bodge. And if you’re buying something like cleats, it can cost you again later in the year when your child grows out of them. “Don’t overspend now, assuming that these supplies are going to carry you through the year,” Woroch warns. Activities often require ongoing expenditures. Instead, keep an eye open for neighborhood sales and swaps where you may be able to use last year’s equipment to give you a leg up on this years, financially.

Clothing: At First, Less Is More

Even though you may be tempted to snap up every possible outfit your child may need for the year while the summer sales tax holidays are in full swing, hang onto a portion of your budget for later in the year, advises Bodge. Why? If you live in an area with regular seasons, better deals on cold weather clothing happen later — in late September and October. Plus, if you wait, your kids have an opportunity to go to school, check out what everybody else is wearing, and see if they want to hop on a trend. You can ensure you’re spending money on things they like wearing and will actually wear.

Technology

Technology is likely an integral part of your child’s educational experience — especially if they’re in grades five or above. It’s quite possible they’ll have homework requiring a computer and assignments to print out at home. In other words, if you realize in October that you’ll need to purchase a laptop you hadn’t planned on, that can be a major hit to your budget. To prevent a possibly stressful surprise like this, make sure you reach out to your childs’ teachers or school in advance.

Avoid The Big Shopping Spree Before September

These next few weeks as you’re strolling through the mall, you’re likely to be bombarded with colorful back to school sales. You may be tempted to start shopping for everything on your list right then and there, but prices are expected to drop throughout the month of August, reaching a low in early September, says Bodge. And even once you think prices can’t get any lower and you’re ready to shop, make sure you compare prices online before making a purchase — especially with big ticket items like a laptop or phone.

Also, if you want to minimize the hassle of returns and items that don’t fit, try to shop with your child. “Bringing your kids shopping with you — even if it seems like a pain — is good bonding time. And it shows them what shopping is,” Woroch says. Giving them a budget will instill in them the idea that money is a limited resource. Plus, if your child can watch you in action making efforts to save (using a coupon, buying on sale), that will give them an appreciation for the value of money — something that not nearly enough kids will be taught in schools.

 

Sources: 

https://www.savvymoney.com/blog/spending/back-to-school-budgeting-surprises/

Contributing Editor: Jean Chatzky with Molly Povich

Do My Child’s Activities Really Need to Make Me Go Broke?

On By mutualcuIn Financial Lessons, Financial Security, Saving Money, Uncategorized, Youth SavingsLeave a comment

little girls playing soccer with coach.jpg

Extracurricular activities are an important part of a child’s development. They allow students to shine in ways that may not be possible in the classroom. It also helps kids step out of their social circles to forge new friendships. They may even be your child’s gateway to a college scholarship and possibly a lucrative career. 

But extracurricular activities are expensive. If you’ve got several school-aged children and each wants to participate in two activities, you can be looking at an investment as high as $10,000 or more for fees, equipment, uniforms, instruments and supplies. 

No worries though; you don’t have to choose between your budget and your children’s happiness. Here are some ways to save on your kids’ extracurricular activities: 

1. Limit the number of after-school activities you allow for each child 

If you’ve got several over-ambitious young ones at home, consider limiting extracurricular activities to just one per child. You’ll be doing your children a favor by forcing them to pick an area of focus, allowing them to channel all their energy in one direction. Plus, it’ll be easier for them to keep track of just one schedule — and it’s a lot easier on your carpool calendar, too! 

2. Register early 

Lots of children’s’ sports programs offer discounts of up to 30 percent just for signing up early. Speak to your children about after-school programs and sports teams well before the season so you can register early and snag those early-bird specials. 

3. Purchase used equipment 

Save big on sports gear by purchasing gently used equipment from sites like PlayItAgainSports and SidelineSwap. Some of these sites also allow you to sell your own used equipment. 

4. Swap equipment 

If you have friends with kids who are also into sports and music, see if you can swap equipment and instruments from year to year. 

5.  Rent musical instruments 

If you’ve got budding musicians at home, consider renting the instrument they’ve taken up this year. There’s no way to tell if that burst of passion they’re currently nursing for the oboe is just a passing phase or the beginning of a lifelong hobby. Some instruments, like the French horn, can cost as much as $1,000 but can be rented for as little as $50 a month. 

If your child is convinced they’ve found their instrument of choice, you can purchase gently used musical instruments from resale sites like Craigslist, eBay or Reverb. 

6. Volunteer your time 

If you’ve got the time to coach a team or to walk around selling refreshments during games, you might be able to nab a discount on the program’s fees and equipment. 

By making smart, frugal choices, you can turn your children’s dreams into reality without draining your wallet. 

Your Turn: How do you save on your children’s extracurricular activities? Share your own tips with us in the comments.

 

SOURCES:

https://www.goodhousekeeping.com/life/parenting/g27678115/back-to-school-hacks/

https://www.moneycrashers.com/save-extracurricular-activities-kids-after-school/

https://www.parents.com/parenting/money/saving/11-ways-to-save-on-after-school-activities/

Word of the Month: Work Ethic

On By mutualcuIn College Tips, Financial Lessons, Uncategorized, Youth SavingsLeave a comment

 

Youth working movie theatre concessionsSchool was out, and Aaron and Tom were counting down the days until July. That’s when their first real job would start and they could hardly wait.

“It’s going to be awesome!” Tom said to Aaron while they practiced shooting baskets at the park. “At the end of the summer, we’re gonna be rich!”

Aaron laughed and easily sank a shot from center court. He didn’t think he and Tom would be rich with the money they were making, but he was excited to start his first real job. He almost felt like a grown-up!        

“Don’t forget the best part,” he shouted to Tom over the sound of the bouncing ball. “Free ice cream every day!”

Tom and Aaron had gotten summer jobs at Scoops, the neighborhood ice cream store. They’d be helping the owner, Mr. Smith, behind the counter for a few hours each afternoon during the busy summer months.

“It’s going to be so much fun working at Scoops,” Tom said, catching the ball. ”I can’t think of any job I’d like to do more!”

Aaron nodded happily. Tom was right: it was going to be awesome!

***

One week later, Tom and Aaron met up at the intersection of Oak Street and Maple Drive for the walk to Scoops on their first day of work.

“This is going to be the best job ever!” Tom yelled, pumping his fist in the air.

But four hours later, he was telling another story.

“I have never worked so hard in my life!” he complained, collapsing onto a bench down the block from the ice cream store.

Aaron dropped into the spot next to him and let out a loud groan. “That was crazy,” he agreed.

“I thought this job would be fun.  Getting people the ice cream flavor they want, putting on the toppings, working the cash register—but it was so hard!”

And it was. Scoops had been packed all afternoon, and it wasn’t easy to keep the customers happy, make sure everyone got the right change and greet each person with a smile, too, like Mr. Smith insisted they do.

Aaron shrugged. “Don’t forget; we’re getting paid for this work,” he tried to cheer up Tom. But Tom still brooded.

***

The next day, when Aaron reached the intersection of Oak and Maple, Tom was nowhere to be found. Aaron waited one minute. Then two … and three, but still no Tom. He looked at his watch. If he didn’t leave soon, he’d be late to work!

Finally, after waiting seven whole minutes, Aaron left. He ran all the way to work so he would still be on time.

Tom showed up 15 minutes later, not looking too happy to be at work. Mr. Smith didn’t look too happy to see him either. He handed Tom a Scoops apron and told him to get started at the toppings center.

Work that day was a little easier than the first day, since Aaron and Tom knew what to expect. They were also learning their way around the counter a little better and everything took them less time.

“That wasn’t so bad, was it?” Aaron told Tom as they licked their triple-scoop cones after work that day.

Tom just shrugged.

The next day, Tom was waiting for Aaron at Oak and Maple and Aaron was happy to see him.

“I’m leaving early today,” Tom told Aaron. “My aunt is taking my cousins to a Cubs game and they’re leaving at 4:15. They invited me to come along and I need to leave at 4 in order to be at their house on time.”

“Can’t they leave a little later?” Aaron asked. Their job was over at 4:30 every day. Aaron remembered Mr. Smith’s frown when Tom had shown up late for work yesterday and he couldn’t imagine their boss would be too happy if Tom left a whole half-hour early.

“Nope,” Tom shrugged as they reached the door of Scoops. They both walked into work together.

Later that afternoon, after exchanging a few words with an unhappy-looking Mr. Smith, Tom gave Aaron a little wave and hurried out of the store.

The rest of the week passed quickly. On Thursday, Tom came late again—this time a whole hour late. On Friday, Tom and Aaron walked through the doors with huge smiles on their faces.

“Payday!” they whooped, exchanging high-fives.

But a few hours later, when they got their checks from Mr. Smith, only Aaron was smiling.

“What’s this?” Tom asked Mr. Smith.

“That’s your paycheck,” Mr. Smith said calmly.

“But why is it so much less than it’s supposed to be?” Tom whined.

Aaron saw that his friend was upset. “We were supposed to get paid the same,” he said, coming to Tom’s defense. “Why is my check so much higher than Tom’s?”

“That’s because I hired you with the understanding that you’d get paid a specific salary if you worked a certain number of hours each week, right?”

Tom and Aaron nodded. Aaron had a feeling he knew where this was going.

“And you, Aaron,” said Mr. Smith, “have worked all those hours.”

Mr. Smith turned to Tom, who was staring at the floor. “While you, Tom, have not. You’ve come late, you’ve left early, and I’ve paid you what I believe is a fair rate for the amount of hours you actually worked. You need to learn how to develop—and to respect—a work ethic.”

Tom looked interested. “What’s that?” he asked.

“That means respecting a job. Being on time. Fulfilling your responsibilities. Doing what you are hired to do. Showing that it matters to you. Do you know why it is important to have a work ethic?”

“Why?” asked Tom.

“Because, when you accept a job, you are committing to do the work involved,” Mr. Smith explained. “You are giving your word that you will fulfill your responsibilities. And if you want your job to pay off and to open new opportunities for you, you need to show that you can handle the workload and do your job well. Do you understand what I’m saying?”

Tom nodded, looking thoughtful. He was quiet all the way home.  

The next day, when Aaron reached the corner of Oak and Maple, Tom was there to greet him. Tom stayed until 4:30 sharp that afternoon, and all the days the rest of the week.

On Friday, Mr. Smith was smiling widely when he handed them their checks.

“Full paycheck for both of you this week,” he said.

The boys thanked him, but he wasn’t done.

“Can you stay a few minutes late today?” he asked the boys. “I have an interesting opportunity you might want to hear about.”

Aaron and Tom shared a quick fist-pump when Mr. Smith’s back was turned. They didn’t know what Mr. Smith wanted to talk to them about, but it sounded interesting. And they knew it was only because they had shown a strong work ethic.

Talking Points:

  • Can you think of three ways to show a strong work ethic?
  • Do you think it’s easier to show a strong work ethic at an easy job?
  • How can a strong work ethic help you get ahead in life?

Word of the Month: Debit Card

On By mutualcuIn Financial Security, Uncategorized, Youth SavingsLeave a comment

Teacher and student

Brandon was super-excited. His mom was taking him to Chuck E. Cheese’s today!

“Am I going to get a lot of tokens?” he asked his mom as they drove together. “I need a whole bunch so I can get a ton of tickets and win the best prize!”

Mom just smiled. “You’ll have enough,” she said.

They pulled up in front of Chuck E. Cheese’s and made their way inside. While Brandon’s mom got busy in front of the token machine, Brandon checked out a few of the games and tried to find the best ones to start with.

“Brandon,” mom called. She had finished paying and was holding out a card.

Brandon took it from her, puzzled. “What’s this?” he asked. “Don’t I need tokens to play?”

“Nope—you use this card,” mom explained. “You just scan it in front of the game you want, and it lets you play.”

Mom showed Brandon how to use the card, and he was soon off trying to win the most tickets he possibly could.

Brandon had a great time playing arcade games—until his card stopped working.

“Hey, mom!” he called, running towards where she sat, working on her laptop. “My card’s broken! I need a new one!”

Brandon’s mom quickly snapped her laptop closed. “There’s nothing wrong with your card, Brandon,” she said.

“So why isn’t it working?” he asked.

“Because you used up all the money I put on it!”

“What do you mean?” Brandon was confused.

Mom stood up and motioned for Brandon to follow her. She walked toward the machine she’d used earlier and started punching in numbers.

“I need to put money into the card in order for it to work,” she said. “It’s like a debit card.”

“A what?”

Mom reached into her purse and pulled out a plastic card. “This is a debit card,” she said. “I have a checking account at the credit union. I put money into that account, and when I use this card, money comes out of my account. Do you understand?”

Brandon nodded slowly.

“And that’s sort of how this machine works, too,” mom continued. “In order for you to use the card, I need to put money onto it.”

“And when I finish that money,” Brandon said, “I can’t use the card anymore, right?”

Mom smiled. “Exactly. Then we need to put more money into the ‘account.’”

Mom stuck her debit card into the card machine and punched a few numbers again. Then she took Brandon’s playing card and put it into the machine, too. A minute later, the machine beeped and both cards came sliding out.

“Here you go, Brandon,” mom said. “Your debit card is ready to use!”

Talking Points:

  • How is the card at Chuck E. Cheese’s like a regular debit card? How is it different?
  • Why do people use cards instead of cash (or tokens)?
  • Do you think people spend more or less money when they use a debit card instead of cash? Explain your answer.

2019 Mutual CU Scholarship Recipients Announced

On By mutualcuIn College Tips, Uncategorized, Welcome / About MCU, Youth SavingsLeave a comment

Press Release

May 14, 2019

 

2019 Mutual Credit Union Scholarship Recipients Announced

(Vicksburg, MS): The Mutual Credit Union Scholarship Committee is pleased to announce the following High School Seniors as selected recipients in the 2019 Mutual Credit Union Scholarship Program.

Alyshia Moore – Vicksburg High School – $3,000

Alexis Lomax – Central Hinds Academy – $2,000

Jonathan Shelton – Mississippi School for Math & Science – $1,500

Emily Vandennieuwboer – Warren Central High School – $1,500

Abigail Wallace – Warren Central High School – $1,000

Reann Ponder – Warren Central High School – $1,000

2019 Mutual CU Scholarship winners collage

Each year, Mutual Credit Union offers graduating high school seniors the opportunity earn one of six scholarships to pursue higher education. Mutual has a firmly held belief that the education of our community’s youth is a solid investment in our community’s future. This year we were proud to award a total of $10,000 in scholarships to six selected recipients. We congratulate all 2019 graduating high school seniors and offer encouragement to you in all your future endeavors.

For information on the Mutual Credit Union Scholarship program, please follow this link to our web page. For questions, please contact the marketing department at marketing@mutualcu.org or call (601) 636-7523 ext. 1226.

###

2019 Mutual Credit Union Scholarship Press Release

WORD OF THE MONTH: BUDGET

On By mutualcuIn Financial Lessons, Just for Fun, Uncategorized, Youth SavingsLeave a comment

Teacher working with student

David’s friend, Mikey, had the most awesome basement ever. It had a ping-pong table, a foosball table and an air hockey table. That’s why David loved going over to Mikey’s house to play.

But David wanted an air-hockey table of his own.

“Can we get one, Mom? Please?” he asked his mom one day after coming home from Mikey’s.

Mom shook her head. “Not now, David. Air  hockey tables are fun, but they’re also expensive.”

“So what?” David cried. “Why can’t we buy something expensive, just this once?”

Mom pushed back her chair and stood up. She walked over to a kitchen drawer and pulled it open. She took a bunch of papers and checks out of the drawer and motioned for David to come join her at the table.

“Let me show you something,” she said. Mom started dividing the papers into two separate piles.

“These are our bills,” she said, patting the larger pile. “And these are our paychecks.”

Mom took out a piece paper and drew a line down the middle.

“Look, David,” she said. “On this side, I’m going to write all of our expenses and on the other side I’m going to write our income.”

“You mean like how much money you and Dad get paid?”

“That’s right,” said Mom. “I’m not going to tell you the actual numbers, just an estimate so you get an idea.”

“Why won’t you tell me the real numbers?” David was curious.

Mom smiled. “Because there are some things you don’t need to know about just yet. You’ll have to do all this when you’re older, but for now, you can learn about it without knowing the actual amounts.”

Mom started listing items:

  • Mortgage payment
  • Credit card bills
  • Phone and internet bill
  • Electric bill
  • Gas bill
  • Insurance payments
  • Car payments
  • Cable
  • Gym membership
  • Groceries

There were so many expenses! Next to each item, she put a small number.

Then she wrote a few larger numbers on the other column.

“You see this, David?” she said, holding up the paper. “This is called a budget.”

She pointed at the longer column. “This is the amount of money we need to spend on certain expenses each month.”

Then, she pointed at the shorter column. “And this is the money we have to work with each month.”

“But how do you figure out how much money you need for everything?” David asked.

“That’s where the budget comes in,” mom explained. “I set aside the amount we need for our fixed expenses—that’s stuff that costs the same amount each month—and then I set a little bit aside for the expenses that cost a different amount each month.”

“But how do you know how much to set aside if it always changes?”

“I take an average of a few months and use that number.” Mom pointed to Groceries: $350.

“But you see,” she continued, “I only have a little bit for extra expenses we don’t have all the time, like new shoes or winter coats, or household repairs.”

“And air hockey tables,” David added.

“And air hockey tables,” mom grinned. “That’s not on our budget.”

David was thinking. “But what would happen if we bought one anyway?” he asked.

“That would really mess us up this month,” Mom said. “It’s not planned, and we don’t have enough money in our budget to cover it. We might not be able to pay the electric bill this month, or make a payment on the car if we spent that money on the air hockey table. Do you understand?”

David nodded. “Does that mean there’s no way I can get an air hockey table?”

Mom laughed. “You can—just not right now! We can save up for one together. How about we build a save-up-for-air-hockey-table plan into our budget together? We can think of ways to cut back on our budget and use that extra money to put into an air hockey fund.”

“Sounds good!” David smiled.

He bent over mom’s paper and after 15 minutes of discussion and writing, they had a plan in place. It would take a few months for it to happen, but they had a plan to make it work.

David was happy that mom had taken the time to explain how budgets work. He knew he would have his air hockey table soon. After all, it was part of the budget!

Talking points:

  • Why is it so important to stick to a budget?
  • What would happen if David’s mom bought the air hockey table without a plan?
  • How long do you think it will take David and his mom to save up for an air hockey table?

Word of the Month: Savings Account

On By mutualcuIn Financial Lessons, Saving Money, Uncategorized, Youth SavingsLeave a comment

father and daughter counting change

Kyle’s friend Ashley was always buying new things with her own money.  Today, she’d come to school with a brand-new glittery case for her laptop.

“How’d you pay for that?” Kyle wondered out loud. “You must get a really big allowance each week!”

“Not really,” Ashley said. “My parents give me just $6 each Sunday.

“Six bucks? That’s all?” Kyle’s parents gave him $8 each week. “But that costs a ton of money! How did you pay for it?”

Ashley smiled. “I saved up for it. I put away a little bit of my allowance each week in a special place. I also saved up my birthday cash and the money I earned helping my aunt out during the summer. It all adds up!”

Kyle was interested. His allowance never lasted more than a few days but he really wanted to buy a new Wii game. His mom had told him he’d have to pay for it himself.

The next Sunday, when Kyle’s mom gave him his allowance, he carefully put all eight dollars in his sock drawer. He’d have that Wii game in no time!

On Monday afternoon, Kyle’s friends decided to make a Slurpee stop on the way home. Kyle followed the group into the 7-11 store and started reaching for an extra-large cup when he stopped. His spending money was at home in his sock drawer. He wasn’t wasting his allowance on Slurpees!

He hung back and watched his friends fill up their cups with icy treats. He was surprised to see Ashley joining the line at the register with her own small Slurpee. Didn’t she know there were more important things to spend money on than a slushy drink?

***
That afternoon, he went with his mother on a trip to Mutual Credit Union.

“What’s that?” he asked his mom as she slid a small pile of checks across the counter to the Teller.

“This is some extra money I earned this month from a side job,” Mom answered. “I’m going to put them into our Savings Account.”

She held up another check. “And this,” she said. “Is going to go into our Checking Account.”

“But why don’t you put all of the money into savings?” Kyle wondered.

“Because we need money to live on now,” Kyle’s mom explained. “Savings Accounts are for money we will probably need sometime in the future, but we need to keep some money for today.”

Kyle nodded. That made sense.

On Saturday, Kyle and his friends met up at the pizza store for lunch.

After they finished eating, Kyle’s friends started digging out quarters and dollar bills and heading towards the arcade games at the back of the store.

Kyle stayed in his seat, watching them. His mom had given him enough money for pizza, a can of soda, and fries, but none for extras like arcade games.

“Hey, Kyle!” Ashley called from behind him. She jangled a small pile of quarters in her palm. “Want to race me in the car game?”

Kyle looked at her. “I don’t have any money on me.  I’m saving it all up for something really big.”

Ashley shrugged. “So am I. But that doesn’t mean I can’t keep anything for now. If you put all your money into savings, it can get really hard and you might give up quickly.”

“So how do you do it?” Kyle asked.

“I put 2 or 3 dollars into my savings jar each week, and the rest I spend on stuff like Slurpees and ice cream.”

“That sounds easy,” Kyle said.

“It is!” Ashley grinned. “Come on, I’ll lend you some money. Are you going to race me or not?”

“Nope,” Kyle smiled. “I’m not going to race you. I’m going to win!”

Talking Points:

• Why do you think Ashley bought a small Slurpee?
• Why is it important not to put all of your money into savings?
• Why does Kyle’s mom put most of her earnings into her Checking Account?

9 Ways For Kids To Make Money

On By mutualcuIn Financial Lessons, Saving Money, Uncategorized, Youth SavingsLeave a comment

Lemonade stand

The best way to teach a child financial responsibility is by encouraging her to earn and manage her own money. As the weather warms and summer nears, there are many ways for your kids to pull in extra cash. 

In honor of Youth Savings Month, let’s take a look at 9 easy ways your kids can earn money.  

1. A lemonade stand 

It may be old-fashioned, but kids can bring in good money by selling America’s favorite hot-weather drink. For optimal exposure, let them set up near a local yard sale or another neighborhood event. 

2. Help a senior 

Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. 

3. Hold a yard sale 

Spring-cleaning season is the perfect time to host a yard sale. Let your kids be in charge by having them choose the items to feature, set prices and run it. You’ll want to be available to oversee things, but let them make most decisions on their own. 

4. Do yard work 

If your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them offer yard work as a service. 

5. Help with pets 

Let your kids walk dogs around the neighborhood and offer to pet-sit. If your child is truly a budding entrepreneur and has the skills, they can set up a pet-grooming station out in the yard. 

6. Be junior tech-support 

Generation Z kids are practically born holding smartphones. Let your kids use those skills to help older folks who may not be as tech-savvy. They can offer to organize digital photos, assist with data entry or help set up a Facebook page. 

7. Help a mom 

Your child may be too young to babysit alone, but he can offer services in assisting a neighborhood mom while she’s at home. 

8. Collect recyclables 

Help your child gather empty bottles, cans, cardboard boxes and newspapers to bring to a recycling plant. You’ll be keeping the planet green and helping your child earn pocket money at the same time. 

9. Wash cars 

Let your child try out her car-washing skills on the family car. Once she’s got the technique down, have her offer car washing services to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can pay off. 

Your Turn: How do your kids earn money? Tell us about it in the comments.

 

SOURCES:

https://www.moneytalksnews.com/10-ways-for-preteens-make-money-this-summer/

https://www.thebalancecareers.com/how-can-kids-make-money-2085398

https://selfsufficientkids.com/how-to-earn-money-as-a-kid-elementary-age/

2019-2020 Mutual Credit Union Scholarship Committee NOW Accepting Applications

On By mutualcuIn College Tips, Uncategorized, Welcome / About MCU, Youth SavingsLeave a comment

Press Release

February 1, 2019

2019-2020 Mutual Credit Union Scholarship

(Vicksburg, MS): The Mutual Credit Union Scholarship Committee is pleased to announce the we are accepting applications for our 2019-2020 Mutual CU Scholarship. Every year, Mutual provides $10,000 in awards for the upcoming school year to recognize its members who have shown scholastic achievement and who are interested in advancing their education. We will award six (6) scholarships in the amount of $3000, $2000, (2) $1500, and (2) $1000 to High School Seniors who best meet the requirements.

The deadline to apply is Monday, April 1, 2019. A completed application package must be mailed or delivered by April 1, 2019 to the following address:

Mutual Credit Union • ATTN: Susan Mandarino • PO Box 25 • Vicksburg, MS 39181

It can also be emailed to smandarino@mutualcu.org or delivered to any of our branch locations. For additional questions or to request an application be mailed to you, please call 877-457-3654 ext. 1226 or email smandarino@mutualcu.org.

Mutual CU has a firmly-held belief that the education of our community’s youth is a solid investment in our community’s future. We wish the best of luck to all applicants and to each of our graduating seniors.

Hours of operation for all Mutual locations are Monday – Thursday 9 a.m. – 5 p.m. and Friday 9 a.m. – 6 p.m.; drive through services open at 8:30 a.m. Account access is also available 24/7/365 by visiting www.mutualcu.org, using the Mutual Credit Union app on your mobile device or by calling our SAM Audio Response System at 1-877-457-3654 Option 1.

For more information about the Mutual Credit Union Scholarship program please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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Impulse Purchases

On By mutualcuIn Financial Lessons, Just for Fun, Uncategorized, Youth SavingsLeave a comment

impulse purchase cartoon

Aisha was walking home from school with her best friend, Katie. They chatted about the upcoming Science Fair and the new Phys. Ed. teacher as they shivered in the cold.  

They passed The Coffee House and watched as a bunch of their classmates walked out holding steaming cups of hot chocolate. 

“Hey Aisha. Hi Katie!” their classmates called. 

Aisha and Katie waved back. Aisha grabbed Katie’s arm. 

“Let’s stop here for a minute—they make the best hot chocolate and it’s freezing outside!” 

Katie shrugged. “I don’t want any.” 

“Oh, come on, Katie, you can get a cup with mini marshmallows and a drizzle of caramel—it’s awesome!” 

Katie shook her head. “I really don’t want any, but I’ll come in with you if you do.” 

Aisha pushed open the door, and a few minutes later, she was holding her own cup of chocolaty deliciousness. 

“I don’t know why you never spend your money,” Aisha told her friend before taking a long sip. “That’s what it’s there for, you know.” 

Katie just smiled and they walked the rest of the way home in silence. 

That evening, Aisha was looking through her wallet. 

“Mom!” she called. “My allowance is gone again—and it’s only Tuesday!” 

“You need to be more responsible, honey,” Aisha’s mom said. “Those seven dollars should be enough to last you all week! Are you ready to go?” 

Aisha snapped her wallet shut and ran to grab her coat. She was going with her mom to pick up a some groceries at Target. 

As they passed the front of the store, Aisha turned toward her mom. 

“Mom—look! They have your favorite coffee store right here inside of Target. Why don’t you pick up a latte or a cappuccino to drink while we shop?” 

Aisha’s mom turned toward her. 

“Because that’s not on my list,” she said, pointing at the paper in her hand. “It’s just an impulse purchase, and if I make too many of those, I won’t have enough money to buy the things we need.” 

“What do you mean?” Aisha asked as mom grabbed a cart and started wheeling it toward the grocery section. 

“There are some things I need to buy, and all sorts of things I want to buy just because they look good—like those,” Mom pointed toward a rack of candy bars near a register. “Impulse purchases taste good now, but I don’t really need them. And they cost a lot, too.” 

Mom patted her wallet. “I’d rather save my money for the stuff I really do need and keep those impulse purchases for special occasions that only happen once in a while. Doesn’t that make more sense?” 

Aisha nodded. It did make sense. And she was finally starting to understand why her allowance never lasted long enough. 

Tomorrow, she was going to be like Katie and skip the stop at The Coffee House on the way home from school. 

She also wanted to save her money for the things she really needed. 

Talking points: 

  • Can you give three examples of impulse purchases?
  • How can you keep yourself from making impulse purchases when you shop?
  • What are some impulse purchases that might be worth buying?

Impulse Purchases Worksheet

Impulse Purchases worksheet