Teaching your kids to save money is a crucial lesson that will benefit them in the future. Instilling good financial habits early helps them understand the importance of saving money. The knowledge learned can help them avoid falling into debt when they become an adult. Even with the smallest, achievable habits, children can learn the value of patience, hard work, and happiness when they save for something they really wanted. At Eastex, we’re here to help you teach your child good financial habits and how to help set them up for success.
Set Savings Goals
Setting savings goals is a great way to teach your child about money. A perfect way to incorporate this is to ask your child if there is something they want to save for, like a new toy or video game. Once they pick out an item, you can start breaking it down into smaller more manageable goals to work towards. It’s best to write down their savings plan so they can see in real-time how to achieve their goal. You can even set monthly goals with them and help track their progress.
Give Your Kids an Allowance
A great way to help them with savings goals is by giving them an allowance. You can set their allowance by having them do household chores so they can see the importance of hard work. When they earn their money, encourage them to save a portion each week or month depending on how you want to pay them. Make sure if you’re giving them an allowance that you stay consistent. This gives them an insight into what a job will be like. They will remember these lessons when they become an adult and need to budget their own money.
Open a Savings Account
Now that your child is saving, where do they put the money? Sure, a piggy bank is effective for small bills and change, but you can also open a credit union savings account for them. They can see firsthand how a savings account works and the benefits of a credit union. At Eastex Credit Union, we have a variety of savings accounts for your child. We pride ourselves in helping you and your child achieve savings goals. We offer our Lonestar account, which is for children ages 12 and under. Have a teenager? No problem, we have our iSave account for teens and young adults ages 13 to 22. No matter what age, we have a savings account made just for them. To view our savings accounts, visit our website.
Plan for your child’s future today
Opening a savings account for your child will have long term benefits. Get a jump start on their financial education when you open an Eastex Credit Union savings account. We offer multiple savings accounts for children and teens. You don’t have to completely cut out things that enrich your life and make you happy; you only need to budget for them! Talk to an Eastex representative today for more questions on savings accounts.
