You may have heard the saying “It’s never too late to start saving” but the truth is, it is never too early to start saving! Teaching your little ones the importance of saving and how to save are two valuable lessons that they will thank you for later on in life. Helping your child start to save now will give them the opportunity to begin building a foundation that they can build their financial future on. Here are some tips on ways to encourage your child to save their money in order to fund their future:
1. Make it Fun- Saving money does not have to be boring. Create a savings chart, and each time your child reaches a saving milestone, reward them by giving them a sticker, or even matching their savings total! Start with smaller, more attainable goals and then work your way up.
2. Set a Good Example- Let your child see that you save money too. Use your own savings chart and show your child you’re saving with them, for a family vacation or new shoes! You can also take your child to your financial institute so they can see the process first hand.
3. Open a Savings Account- Once your child is familiar with the concept of saving, open a savings account for them at a financial institute, like 1st Bergen Federal Credit Union, so they can become accustomed to the process. You can also show them the bank statements so they can see their savings add up!
1st Bergen gives parents the opportunity to open a custodial savings account for their little ones. The Utma account allows parents to open an account for their children, ages 0-16, with a minimum balance of five dollars. 1st Bergen Federal Credit Union is sponsored by Greater Bergen Community Action, Inc. and empowers low-income individuals and families with programs and services that help them on their road to self-sustainability and a stronger future. For more information, or to become a member, contact Branch Manager Carolin Lopez at (201)-968-0203 or visit www.1stbergen.com.