As a parent you’re always trying to teach your child how to make good decisions. When it comes to making financial decisions, you want to influence your child to save and spend responsibly. How do you do that? Open a youth savings account! Your child will learn how to manage money and build lifelong savings habits. Here’s why your child needs a youth savings account.
Teach your child money management
Developing money management skills will benefit your child throughout his life. A savings account gives your child the opportunity to budget and save.
Guide your child through the process by talking about money management. Whether your child gets money through an allowance, birthday gifts or a first job, decide together how that money will be saved and spent. Have your child set a goal for something he wants like a video game or new bike. Figure out how much he will have to save each week to buy it. This will teach your child he has to work and save for things he wants.
Create good savings habits
Like anything you have to learn, practice makes perfect. That’s why it’s never too early to teach your child the importance of saving. Set a savings goal by trying to fill up an entire piggy bank with coins. Once the piggy bank is full, decide how your child will spend the money. Suggest putting half in savings and spending the other half on ice cream.
Teach your child impulse control
Having impulse control when you’re shopping can be challenging as an adult, so just imagine the temptation as a kid. The toy isles are overflowing with fun and exciting new things. Teaching your child the difference between a want and a need is key to mastering impulse control.
Sit down and make a list of wants and needs so your child learns the difference. Wants are things like toys, games and candy. Needs are things like food and clothing. Explain that needs come before wants and you need to save up your money to be able to buy things you want.
Make Saving Fun
As a parent, a youth savings account gives you the opportunity to make sure your child establishes good saving and spending habits. But you don’t have to make the learning process so serious, it can be fun too! That’s why we’re here—to make saving fun for kids of all ages. Get your child started with one of the youth savings accounts we offer.
Our Lil’ Partners account is designed for kids 12 and younger. Now through September 28, we’ll deposit the first $10 when you open a new Lil’ Partners account for your favorite kiddo. Plus, you’ll be entered for a chance to win a $1,000 family getaway. We also have coloring contests with cash prizes, a free toy with every deposit, holiday events and more. Now that makes saving fun!
If your child is a little older, our Teen Partners account is just the thing. It’s designed for teens ages 13-17. When you open a Teen Partners account, your teen gets the opportunity to earn a $25 cash deposit just by completing our online education module. Visit our website for more details.
Opening a youth savings account for your child now will put him on the right financial path for his future. Start creating those good savings habits today!