Children––just like adults––will be much more motivated to save their money if they have a specific goal in mind. Help them set their sights on something to save up for, remind them of their goal whenever they get an inclination to spend, and watch them as they experience the thrill of achieving an accomplishment!
With lower fees and higher savings rates, a youth savings account at your credit union can help kids lay the foundation for future financial success.
If you’re trying to communicate the importance of saving money at home, consider using a clear jar. While a piggy bank is a great idea, it doesn’t give kids a visual. When using a clear jar, they can see their money grow over time. Tell your children, “Once the money reaches the top, you can use that money to buy something you want.” They will be able to monitor their progress, experience delayed gratification, and learn the importance of saving.
Board games like Monopoly or the Game of Life encourage kids to strategize––teaching them the importance of budgeting, saving, and planning for the future, all while masquerading as fun games.
One of the reasons people save in their employer’s retirement plan is the company’s matching contribution. If you’re looking to motivate your children to save, consider using a similar method. If they’re saving for a particular item, such as a toy or video game, consider offering matches when they hit certain savings milestones.
Traditional savings accounts offer a tried-and-true way for people to store money. If you want to start saving for your child’s future, open a youth savings account at your local credit union!
Maine’s Section 529 plan can help families save for higher education, with all earnings being tax-free! The earlier you start saving for your kids’ higher education, the more time it will have to compound and grow—giving your kids a head start in funding their future educational expenses.
Share This
Links to Third Party Sites
You are now leaving Changing Seasons Federal Credit Union ("The Credit Union") website and linking to a website not owned or operated by the Credit Union. Links to other Web Sites/e-mail addresses are provided solely as a convenience to our members and other customers.
The Credit Union has no control over the content of these sites/addresses; and the Credit Union shall have no responsibility or liability relating to any access to such sites or communications between you and such Third Parties.
The Credit Union's privacy disclosures do not apply to linked Third Party websites, and we advise you to consult the privacy disclosures on the linked Third Party website for further information.
The Credit Union's website may also contain links to other websites owned, operated by, or affiliated with the Credit Union ("Affiliated Sites"). Affiliated Sites are also not governed by Credit Union's privacy or other policies; and you are advised to review the privacy disclosures applicable to each Affiliated Site you visit.
Products / Services Offered by Third Parties / Affiliates: Any products or services ("products") which are provided by third parties or any affiliates are not products of the Credit Union. If the purchase of same is facilitated by or through Credit Union financing such is merely a convenience to the borrower(s) and in no way creates any contractual or other relationship between the borrower(s) and the Credit Union with regard to any such products. Any rights, obligations or claims with regard to such products shall be solely and exclusively by and between you and the third party providing such products as may be set forth in any applicable contracts, agreements or otherwise, and the Credit Union shall have no obligations, responsibilities, duties, or liabilities whatsoever regarding same.
