Teach Them How to Save

By Mary Jo Healey, Market Manager in Des Moines, Marine Credit Union

Saving habits can start at a very young age. Help your child create those habits now so they are set up for financial success later in life.

  1. kids-and-money-smallThey’re never too young. Once a child receives their social security number, they are eligible to have a savings account. Establishing the account early will set your child up for financial success.
  2. Get them involved. Talk to your children at a young age about the importance of saving, the balance of their account, receipts, statements, etc. Bring them to the bank or credit union. Let them participate in making deposits into their accounts.
  3. Teach them to save. Children receive money for birthdays, holidays and allowances for doing extra chores around the house. They can put a portion of their money into the savings account.
  4. Set boundaries. Talk to your children about the difference between “want” versus “need.” It’s important to set those boundaries to “save” for things they may want.
  5. Celebrate goals. Make a BIG deal when your child is able to make their first purchase from their savings account.

Related Posts

March 4, 2020

Tax Refund Season is here!

By Michael Barnhardt, District Manager, Marine Credit Union In just a few weeks (or less), approximately 11 million Americans will be receiving a tax refund.…

Read More
February 19, 2020

NOW Is The Time: Plan Ahead for Next Holiday Season

By Jason Kaufman, District Manager, Marine Credit Union Why wait to start planning ahead for those inevitable financial burdens that seem to come up every…

Read More
December 11, 2019

The Countdown Is On: Strategies for Holiday Shopping

By Josh Moore, District Manager, Marine Credit Union The holidays can be expensive, especially the gifts. Black Friday deals have come and gone, but you…

Read More