If you want your child to be a financially responsible adult, get started today by teaching them how to properly manage their money. Teaching your children how to earn, manage, and save money will provide them with the fundamental tools they need to achieve financial success in the future.
Opening a kids savings account for your children is a great way to educate them about money and start early healthy savings habits. Here are some of the ways a kid's savings account can help your child grow into a money-savvy adult.
7 Reasons Why Your Child Needs a Kids Savings Account
1. Teaches Them About Money
Teaching your child how financial institutions work and the advantages of having their own kids savings account is a savvy parent move. Educating them about the advantages of saving their money and how they can actually earn additional money due to compound interest gives them incentives and good saving habits that will help them as adults.
2. Starts Good Savings Habits Early
It is important to learn how to save and properly manage money at a young age so that your child will be prepared to continue that habit as they grow older. It takes some time to learn financial responsibility, so the sooner you open a kids savings account – the better!
3. Teaches Them to Stay Focused on Their Goals
A kids savings account is the perfect way to help your child stay focused on their goals. Seeing their money grow over time with regular contributions will show them that they can meet their goal with a little patience and financial discipline.
4. Teaches Them to Save for the Things They Want Until They Can Afford It
Setting up a kids savings account helps your child learn the difference between needs and wants. Understanding that actively saving for something they may want, before purchasing it, is a necessary skill your child must have before they access a credit card as a young adult.
5. Helps You Encourage Saving At Home
It is a good idea for parents to remind their children to save when possible. Encourage them to deposit a portion of their allowance and holiday gift money into their credit union kids savings account. Consider additional incentives like offering to match a portion of their deposit to encourage them to want to save.
6. Gives Them Spending Options as They Get Older
Helping your child open a kids savings account at a young age will give them an account to use as they get older. They can help cover car expenses like gas and insurance, help pay for college, or even save it for a future down payment on their first apartment.
7. Provides a Stepping Stone to a Strong Financial Future
Teaching your child about saving money now in their kid's savings account gives them great insight as to what they need to do to be financially stable in the future. Set your child up for success today.
CCCU understands the importance of teaching money management skills at a young age which is why we have created a special savings account just for kids.
Looking for the right Kids Savings Account? We Can Help!
CCCU is the perfect place for your child to learn about money management. Our Kids Savings Account was created especially for young savers and teaches youth good financial habits that will last a lifetime.
If you have questions about which account is right for your child or if you are ready to open a kids savings account for your child, contact us today!