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.
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