As adults we save money for many reasons. Perhaps there’s a vacation we’d like to go on or a new electronic device we’d like to buy. Sometimes the act of saving is simply to have an emergency fund built up. How did we get into that habit? Did someone teach us or did we have to figure it out on our own through trial and error?
Now think about your children. How can you teach them the value of saving? You give them money for birthdays or for doing chores but do they save it or go spend it immediately? Here are a few ways to help them realize the value of putting money back.
Help them choose something to save for: Next time your child asks for something that’s a little pricier, talk to them about how you’d love to get it for them but they’ll need to save some of the money themselves in order to get it. Help them do the math to see how much they need to save each week to get it.
Make a savings calendar: Make saving more visual with a calendar they can add stickers to every time they save some of their money instead of spending it.
Help out by matching contributions: As a way to encourage your children to save more, offer to match their contributions. Let them know you’ll match a certain amount for every dollar they save on their own.
Open their own account: Take your child with you to open their very own savings account. They can meet the Financial Service Representative and learn about how savings accounts work and why they’re important.
At True Sky Credit Union we have accounts just for kids to practice saving. Not only will your child be able to practice saving money, but they’ll earn rewards for their savings and receive a special gift on their birthday.
As a member kids receive:
- Their own membership card
- Special savings prizes
- Drawings for good grades
- Reading programs
- The interest rate of a regular savings account
Visit any of our seven metro locations to open one for your child today. As with all other deposits at True Sky Credit Union, your funds are federally insured for up to $250,000 by NCUA.