Mom opens credit union to teach children about money
After receiving constant requests for money from her children, Shaketha McCregor (Dublin, GA) got creative by establishing an in-home credit union for her family.
“I was like I don’t want to just give it to them,” McCregor told Good Morning America. “I want to do something different to make them work for it this time around so they will appreciate it more.”
McGregor had already overcome two major financial obstacles herself. She battled cancer in 2016, a fight that she said left her family temporarily homeless, and then lost her house in a house fire last year.
McCregor’s children ages 13, 10, and 6 were surprised when they returned home from school with a job fair set up in their living room. The children had to fill out an application form for the various job positions, and if accepted, were welcomed with an orientation session.
McCregor posted photos from the fair on her Facebook page which garnered more than 200,000 likes and counting.
McGregor also told her kids the family now had a credit union. Each were given a credit score and had the ability to earn points for things like finishing homework on time.
"It’s all about finding what works for your family and listening to your kids," explained McCregor. "Really talk to your children and see some things that they’re really interested [in] and find out how those can be implemented around the house and into life lessons."
The experiment in financial literacy seems to be working so far, according to McGregor. She said it has allowed for more family time and that her kids are learning valuable life lessons.