Good Financial Habits for Kids
It’s never too soon to teach your youngsters good money management skills. Statistics show that children today have more disposable income than ever before... and they’re spending at a rapid rate. Of course, spending is easy, but learning to save is crucial for their success later in life.
Summer jobs provide an excellent learning opportunity. If you haven’t already opened a savings account for your child, do it now. All it takes is a $5 membership deposit to open a savings account at Firelands Federal Credit Union. Here are some guidelines that will show your children how to make their money grow.
Guidelines to Last a Lifetime
- Help your children set savings goals.
- Choose realistic goals. These may include making weekly or monthly deposits, or saving a specific amount over a period of time, or saving to purchase a special item.
- Encourage them to save 15% of their allowance, earnings, or cash gifts.
- Show that you value your children's efforts by rewarding good savings habits. Rewards may be as simple as a milk shake on the way home from making a deposit at the Credit Union, or a movie when a savings goal is met.
- Small savers can become "big earners" once they've saved at least $500 to open a Smart Saver Youth Share Certificate.
Regularity is the key. A child who gets “hooked” on building wealth through saving is less likely to get “hooked” into debilitating credit card debt later on. Good habits are one of the best things we give our children - because they last a lifetime.
Check out the links below for some fun ways to learn more!
(Firelands Federal Credit Union does not collect, retain or have any interest in any other linked site that collects or retains information from children under the age of 13.)
Kids, have fun and
Teens, what's your
Young adults, it's your
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