April is Youth Month
Their first savings account is a big step in a child’s life. From the time they’re old enough to understand what money is and what it’s used for, they should be given some concept of keeping money in an account for later use. April is National Credit Union Youth Month and we’re focusing on ways to help make this task as simple as possible. Here’s a few tips on setting savings goals.
- Identify the goal. If your child has an item she’d like to purchase, the goal amount would be the purchase price. If the item is exceptionally pricey, offer to match her savings once she gets halfway there. Setting a reasonable goal amount will help her see when the end is in sight and provide more motivation to reach the goal.
- Make a plan. What will she do to reach the goal? Discuss ways to earn the money. Babysit? Extra chores? Get creative! Together, figure out how much money she can save each week or month and how long it will take to reach her goal.
- Set money aside. Make sure your child has a savings account or another method for savings. Spending can often be quite tempting if the cash is easily accessible. If your child is serious about saving, make sure she has a place to put the money away.
- Follow through. Once your child has reached her savings goal, follow through and allow her to purchase what she saved for. And if you agreed to match her savings, make sure you’re ready to do so, too.
We’re here to help you encourage the kids by providing them with rewards and a gift with every new youth savings account opened in April*. Our Kids Club account is a great place to start, and our Rewards will keep them motivated. Jr Varsity Club Rewards is great for children aged 0-6, and Varsity Club Rewards is perfect for kids aged 7 to 17. Ask us for complete details.
*While supplies last.