Teach young children the importance of saving money to begin building their account.
“A penny saved is a penny earned.” The sooner someone can commit to building a savings account, the better. With a plan in place and discipline in mind, creating a savings account can be a success.
At Northeast Security Bank we encourage parents to teach their children the importance of saving at a young age. Kids may receive a small income from lemonade stands, weekly allowances, or selling clothes they have grown out of. While it may be easy for them to spend any amount of money that is in their little pockets, parents can help them understand the importance of saving.
Northeast Security Bank encourages you to open a savings account for yourself and your family members. With a minimum $100 opening deposit, you can begin to save a little income every month that will add up in the long run.
Below are several tips for helping children and teens save. We hope you find a way to incorporate these into your life and begin saving today!
- Talk about the positive aspects of saving money, such as something you are saving for and how it’s important to look towards the future.
- Children will watch what you do more than listen to what you say. When you go to the store, clip coupons and look for deals. Explain the importance of what you are doing and encourage them to help you in the process.
- Help your child come up with a plan to save money. If they are hoping to save for something specific, such as a new bike or video game, create a budget of what they have, what they need, and how to make it happen.
- Try the envelope budgeting system. Have the child draw on separate envelopes a picture of what they are saving for. As they make money, help them put aside money into the different envelopes and explain how some items may take longer to save for than others.
- Talk about how advertisements target kids and to think critically about the messages they are sending.
- Allow your child to make mistakes. Sometimes this is the best way for them to learn a lesson. They may rush out of the house with their birthday money and spend it all without realizing they won’t have enough for what they really want.
Northeast Security Bank encourages parents to begin teaching the importance of saving at a young age. Childhood come and goes quickly, which is why kids must be prepared with lessons to take with them for the rest of their lives. Stop by or call Northeast Security Bank for further questions and advice. We look forward to hearing from you!
Tags: Saving money, savings, savings account