MAFCU For Families
MAFCU helps kids, teens, and their families learn about the importance of establishing good financial habits early in life to help ensure a solid financial future.
Learning how to save and spend wisely at a young age is the best way kids learn to understand and manage money.
These skills are helpful to face such financial obligations as buying a car or paying for college.
Click on video topics below:
How to Use Children's Wants to Motivate Them to Save
How to Help Your Child Earn Money
How to Help Your Teen Enter the Work Force
Talk With Your Children About Family Finances
Home and Family Finance Center
MAFCU's Home and Family Finance Center is your online resource for personal finance information. Each week you can read stories on such topics as buying a car, planning for retirement, financing education, and purchasing a home. You'll find easy-to-use calculators, along with timely news updates and helpful consumer information.
Click here for the Home and Family Finance Center.
MAFCU Celebrates Kids' Birthdays
The Credit Union has a new program to help kids celebrate their birthday and save their money at the same time.
MAFCU members aged 12 and younger receive a personalized birthday card from the Credit Union during the month of their birthday. When they come to the main branch at 365 Boylston Street in Brookline during that month with their parent or guardian and they deposit money into an account, they can pick out a special birthday gift from a treasure chest.
To open a child's account, contact MAFCU at 617-278-5600 or click here.
Save With MAFCU's Back To School Club
This club account runs each year from August through July. Members can open this club account any time, and funds will be automatically transferred to their main share account on the first business day of August. Early withdrawal fees apply. Click here for rates.
Money Management 101
MAFCU wants to help parents and kids learn how to make smart financial choices. Here are some tips for learning how to save and spend wisely.
Be Aware of Your Expenses
Most of us are not aware of how much money we spend on small purchases. Buying a cup of coffee, a snack or a can of soda every day can add up to more money than you realize. By helping your child pay attention to each purchase, you can help him learn how to make better decisions about where, when, and how to spend.
Save Right Away
Encourage your child to save a portion — maybe ten percent — of money earned from a job or received as a gift. Establishing a savings account lets your child put aside money on a regular basis and can be readily available when needed.
Wait Before Buying
It is a good idea not to buy on impulse. Let your child know that when he or she takes the time to think before buying, a better decision can be made as to whether or not the purchase is really needed. This will also allow time to shop around for the best price available.
Watch for Sales
Help your child look for sales when he or she decides to make a purchase. Newspapers are a great source of money-saving coupons, advertising inserts, and information about sales; look also for direct mail special offers, or online promotions.
Be Disciplined
Learning spending habits takes practice. You can teach your child to think about and then write down, a money management plan, or budget, and make sure it is set up so that your child can stick to it. For instance, instead of buying a soda or candy every day, encourage your child to buy it only a few times a week. That way he or she can still enjoy a treat while spending wisely.
