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.
- They’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.
- 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.
- 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.
- 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.
- Celebrate goals. Make a BIG deal when your child is able to make their first purchase from their savings account.