Take a moment and think back on the lessons you learned when you were young. Did your parents teach you to say “please” and “thank you?” To look both ways before you cross the road? Whether they know it or not, the lessons children are taught stick for life, and money lessons are no different.
We’ve previously written about ways to help your kids learn about money, to see its value and develop financial habits at an early age. We’ve talked the talk and now we’re going to walk the walk with a brand new widget available in online and mobile banking: FCU FAM!
What is FCU FAM?
FCU FAM is an interactive widget we’re adding to our online and mobile banking platform, FCU Anywhere. This widget allows you to set financial goals for your kids – such as the completion of chores or recurring payments for a “parent loan.” You and your child can electronically transfer funds between your accounts as the goals are met, letting you both enjoy cash-free convenience!
Free and simple to use, FCU FAM is tailor-made to help teach your kids about money in fun ways, adding to the value FCU members get from using online and mobile banking.
FCU FAM Features
FCU FAM sports numerous features, and each can help teach and reinforce different financial concepts in a controlled environment.
Chores, Allowances and Budgets
FCU FAM allows you to create “tasks” (chores) for your children and assign each task with a monetary value. For example, washing the dishes after dinner could be worth 10 cents. This is a great way to teach your kids early on to work for their money. If you were previously giving your child a weekly or monthly allowance, you’re also able to continue doing so through FCU FAM.
In order to learn to manage any money received in a more effective manner, budgeting tools are also available for children within the FCU FAM widget. Whether it's a money for a video game, toy or even for a donation, these are tools that will teach your kids how to be organized with their money.
Carrying on with our previous example, let's say your child wants wants to purchase a video game console. They're unlikely to have the funds for the entire purchase. They can instead request a “loan” from you through FCU FAM. In this scenario, you act as the lender and your child acts as the borrower. You can set the loan amount as well as an interest rate. Your child will be responsible for making payments back to you until the end of the loan term.
Most adults take out several loans over their lifetime. Understanding the concept early and the implications of a loan and loan payments will serve them well in the future.
Should your child need extra cash in a pinch, they’re able to request money from you. You’ll receive the request within FCU FAM and are able to approve or reject the request on a case-by-case basis. Requests are a great way to get money to your kids on the go.
Kids aged 16 or older are able to have their own debit card, with parental approval. FCU FAM provides parents with card controls that allow them to make decisions about their kids' purchasing power. Limit spending amounts, card functionality and more, all from within the app.
How Do I Access FCU FAM?
FCU FAM is a widget within FCU Anywhere, our online and mobile banking platform. This means you can access it on your desktop or mobile device on the go. Once you’re logged into FCU Anywhere, you’re able to access the widget to register. In order to use FCU FAM, both you and your child will need to have an FCU checking or savings account.
How Do I Register?
Registering for FCU FAM is easy! We’ve created a short tutorial video that takes you through the steps of finding the widget, accessing it and creating an account for you and your child through your smartphone. See the video below:
If you’re ready to get started, visit our FCU FAM page on flcu.org.
Florida Credit Union is a full-service financial institution. Founded in 1954 as the Alachua County Teachers’ Credit Union, FCU now services nearly 130,000 members in 48 counties throughout North and Central Florida. For more information on the services we provide, visit FLCU.org or call us at 1-800-284-1144.