Kids normally have a much different relationship with money than adults do. Remember mowing the lawn for the first time? Shoveling someone’s driveway? Selling lemonade? Those precious bills were like solid gold. Without the expenses adult life inevitably brings, it was easy to tune out what Mom and Dad had to say and spend wildly — then wait days (or weeks) for that next opportunity.

Learning restraint and patience takes time, but it’s worth it, and Altra Federal Credit Union takes that sentiment to heart. They call it financial literacy. Knowing how to make sound financial decisions is a critical piece of knowledge, and Altra wants each of its members — no matter how young — to have the tools necessary for success.

“Your life will change and go through different cycles, but the financial piece is always going to be there,” says Altra’s associate VP of retail operations Jolene Vaselaar. “Starting at a young age really sets the stage for our members. We can help them through all their different life changes. If they have questions, we’re here — but it has to start at a young age. We really pride ourselves on providing counseling and education to our members, and again, that starts young.”

That’s why Altra hired Tony Beyer to serve as a financial literacy coordinator. Beyer travels to different school districts in the region — including Rochester Public Schools — to teach children how to navigate the field of money management.

Beyer says it’s all about exposing kids to the right ideas, but not giving them more information than they can handle at their age.

“We try to match what their experiences are and what they can understand,” says Beyer. “For four-year-olds, it’s about getting them in the mindset of saving a little bit, and we just expand from there. Budgeting and saving is the foundation.”

From there, it’s about expanding on the core values. Elementary schoolers learn about needs, wants, and how to discern the two. Middle schoolers get tips on how to keep their identity safe online. High schoolers, with looming decisions on their future, have questions that, maybe, weren’t there before: How much does it cost to rent an apartment? What are average utility costs? What’s a car payment going to cost?

There’s a program for that, too: The Real World, which Beyer says is one of Altra’s most district-requested programs.

“It’s like a mini reality store, within a class period,” says Beyer. “We go through all the different categories a student’s going to have once they’re on their own, and we break it down to a dollar-per-hour formula at the end. It gives students a good idea of how much things are going to cost in the future. Anything we can do to prepare students and get them college and career ready, it’s vital.”

Beyer didn’t have these programs as a kid, and he was frank about making poor money management decisions early in his adult life (“I was an idiot with my credit,” he says). The concepts he’s teaching students, he hopes, will keep them out of bad situations and lift up the people around them.

“If we can help students be more intelligent with their money, they’re able to benefit themselves and really benefit their community,” says Beyer. “They’re able to pay their bills, spend money locally or in the broader economy, and help out others less fortunate. In many ways, being financially literate helps everybody.”

More from Altra

Featured

Five tips for achieving financial wellness in 2022, from Altra Federal Credit Union

With the turn of the calendar, many of us are starting to think about our financial goals for the upcoming year. But where should we start? Taking that first step can often be the hardest part.

Find out your financial wellness score by using this free tool from Altra Federal Credit Union

Dealing with financial stress can be difficult, especially in today’s ever-changing economy. Altra Federal Credit Union recognizes that, which is why they are investing in tools and educational resources designed to help their employees and members improve their financial well-being.

Altra Federal Credit Union accepting nominations for $90K in community awards

The new member-driven initiative — known a Best Life Community Awards — comes as Altra celebrates its 90th anniversary.

Advice from the experts: how Altra can help prepare you for the purchase of a new home

If you find yourself searching for extra space, a better location, or both, now may be the right time to look at buying a new home — and Altra Federal Credit Union is here to help you become a more prepared homebuyer, giving you the information you need to find the right home and the right loan program.

Altra embraces technology to create a safer and more secure purchasing experience for members

The newest Altra debit and credit cards, due for release in February, will come equipped with contactless technology. Add that to mobile wallets like Apple Pay, Samsung Pay, and Google Pay — which accept just about any card — and the future of payment is quickly becoming touch-free.

In the market for a new vehicle this holiday season? If so, Altra is here to help.

If you’re in the market for a new car and want to take advantage of the situation, it may be the right time to consider Altra Federal Credit Union as your lending partner. Through the holiday season, Altra is offering interest rates on car loans as low as 1.99% APR* — well below the standard industry average of roughly five percent.

Altra Foundation supports financial literacy education with $10K scholarship offer

Altra Federal Credit Union has always tried to help its members break through those financial burdens, with competitive student loan options and a robust financial education program. This school year, however, Altra’s taking its commitment to the next level — offering $10,000 in scholarship money to one student who successfully completes their teen financial literacy program.