Kids & Money: Start Saving Habits Early

While Piggy Banks are cute, functional and can encourage your children to save, they will eventually outgrow them. Yes, depositing cash is fun and at a young age it’s imperative to use real money for children to understand the concept of earning and saving.

Statistics show that simply owning a savings account makes children more financially aware. Opening an account, depositing money, and reviewing the balance online instills the idea of “saving” at a young age; you just have to get the process started. For example, if you give your child an allowance, allot a certain portion of it to go into a savings account. This way, they aren’t faced with the temptation of having and spending it! Take them with you to your financial institution, show them how to fill out a deposit slip or use an ATM, and have them speak with the teller when performing transactions. This will teach them about the processes involved with banking and saving.

Saving money really is rewarding! Your children will get to experience the feeling of patience and savings, followed by the satisfaction of having a nice chunk of change. It will be a great motivator for them to see their money collecting safely in a protected account while hopefully encouraging them to continue to save. By getting your child involved with finances at a young age, they’ll have more of a chance to develop a relationship with their financial institution, which gives them an advantage toward a successful financial future. By the time they’re old enough they will be interested and excited to open their first checking account, manage their own accounts, auto and home loans, and even know how to get THEIR kids started one day!

Safe and snug in a protected account. Savings accounts for kids are secured by the same federal consumer protection laws and regulations as any other account, so there’s no risk in opening one. Prioritizing saving over spending is a valuable life lesson that takes time to learn. Many financial institutions offer unique savings programs exclusively for children! For example, to get your child started, you can have him or her set up their very-own CAMPUS Kids Account! Designed for kids 16 years old and under, they’ll earn interest on every dollar (up to $100,000), with no monthly fees, minimum deposit, or balance requirement. Talk about getting your money’s worth!

You’re never too young to start saving!

 


By Campus USA at 26 Jun 2017, 15:58 PM

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