Create a legacy of smart money management with your kids
March 14, 2024
Teaching your kids about saving and budgeting is among the best gifts you can give them. Opening a youth account could be one of the easiest and most productive steps toward creating a legacy of financial security for your child’s future—and you can start today!
Start healthy financial habits early
As with any skill, the sooner a child begins to learn how to manage money, the more success they’ll have. Parents can set up an RCU youth savings account with as little as $10, and begin logging in to the account with their child, to show them how their money grows. We have resources on our website to introduce teens to good money practices, and kids can participate in the M3 Money Club, an online superhero adventure site with games, puzzles, and stories that teach them how to be smart with money. RCU also offers checking and savings accounts for teens, designed to teach them responsible money habits by giving them the freedom of a checking account.
Learn the power of budgets
Include your kids when you are thinking of buying them new games or toys. Together, plan a budget, so they can participate and understand the cost of spending and the power of saving. If it’s shopping for clothes or even a new phone, working together with your teen on the budgeting process can help them relate money management to something they care about. Setting a budget as a family will help them learn and get excited about financial planning.
Encourage financial responsibility
Youth accounts can teach children to how to handle their money and online banking in a safe environment, where parents can oversee the account. Learning to budget and manage their own funds will increase their confidence and their wealth as they grow older and are eventually able to manage their own account independently.
Start a new chapter of financial wellness for your family by signing up for an RCU youth account today!
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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