Posted on April 12, 2023
As National Teach Children to Save Day is right around the corner, we want to help inform you and your child on the importance of saving, especially at a young age! Saving is a lifelong habit that you can help your child develop with a few easy tips, which we will go over throughout this blog!
First and foremost, saving does not need to be boring! In fact, saving is the opposite! Think about it this way… Have you ever heard your child say, “I need that” or “I have to have that” about a new toy? Odds are, you as a parent have heard that comment before! This is a perfect example to get your child to start saving for something that they want and help them understand the basics of saving money! When your child has earned enough money to pay for the new toy, bike, etc., they will feel a sense of financial independence! It is important to teach children that saving can be fun and rewarding, especially when it is for something they have been wanting!
What else can you as a parent do to help make saving a habit for your child? One way is to open a Minor Savings account, which will allow children to make their own deposits and step foot inside a bank! Little by little and as children keep adding money into their account, they will see the number in their account grow and feel proud of themselves for their financial dedication!
As you can see, saving has many perks and benefits! Soon enough they will be faced with buying their first car, going to college, putting a down payment on a house, retirement, and so much more! Starting a healthy saving habit will prepare them for all their future financial goals, whatever that may look like!
Here at Citizens State Bank, we would love to help you open a Minor Savings account for your child and be with you on this journey! Contact your local office and ask for a Relationship Banker to start saving today!
