3 Key Financial Concepts for Your Kids to Know

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Teaching your kids financial concepts takes more than just saving change in a piggy bank. To give your kids a solid understanding of how to manage their money as an adult, you need to teach them three key financial concepts:

1. The Difference Between a Need and a Want

This is a concept that you can begin teaching your children as early as preschool and should continue to model for them well into their teen years. Teaching your kids the difference between needs vs. wants will help them prioritize the items they want to buy. By the time your child has their first job they should understand that needs, like paying bills and saving money, come before wants, like video games and concert tickets. Your child doesn’t need to have a steady income for you to start teaching them this concept though. Every time they receive money for a birthday, for example, have them decide how much of it to save and how much they will spend.

2. How to Set Financial Goals

The ability to set a goal and work towards it is going to help your child in life, and not just financially. Help your child set a savings goal for something they want, such as a toy or video game. Help them figure out how much they will need to save each week or month to have enough money to make the purchase, and how long it will take them to do so. The older the child, the larger and farther into the future the goals can be set for. If you start instilling this concept early, by the time your child has their first job, they will know how to effectively set and keep savings goals. It will also be easier for them to establish a savings habit.

3. Everything Costs Money

The third concept to teach your child is the value of money. Help them understand that it doesn’t grow on trees and they must think before they buy something. Teach your child, for example, that if they spend their birthday money on candy today, they won’t have any money to spend on your family trip to the zoo next week. Establishing this mindset for spending money will help them prioritized their wants. Is candy today more important than a souvenir from the zoo tomorrow? Maybe it is to them, but at least they made the choice and if they regret it later, they’ll learn an important life lesson at a young age.

Teaching your kids these three important financial concepts doesn’t have to be hard. Have an ongoing conversation with them about the importance of spending their money wisely and of saving. You can also help them by modeling good spending and savings habits yourself.

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Imagine the possibilities. At Midwest Community, we are well-known for advancing our employees and promoting from within at all levels of the organization. Take the first step in starting your career and grow with us!

Float Member Service Representatives may have days scheduled at any location (Defiance, Bryan, Napoleon). Computer literacy is required and cash handling or banking experience is preferred.

Starting pay is $17.44 an hour
$19.62 an hour after 180 days of service
$21.79 an hour after 1 year of service

Please see the job overview for a list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

All are welcome. Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Investment Representative

The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members. A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.

For more details, please contact lfrysinger@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Member Service Representative

Midwest Community Federal Credit Union is looking for a Member Service Representative to process transactions, accurately perform end of day balancing procedures, follow company policies and utilize the core data processing system and various software applications, including electronic banking services. We are seeking candidates who are punctual, honest, friendly, and have outstanding communication skills. Please see the job description for a full list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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