Who said that savings accounts were dead? You might not think so, but a lot of people assume that getting a savings account is something that you just don’t have to do anymore. The truth is that the more money that you can save, the more money that you’ll have available when it’s time to actually get things done. Why not apply that principle to your children?
After all, we really hate to break it to you, but there are a lot of things that children need that require money. Sure, we’re being sarcastic, but sometimes it’s hard not to be sarcastic when you step back and listen to the shock people have when their children need yet another item to live their everyday lives. Even regular school is filled with expenses. These things aren’t always emergencies — there come a point where the emergencies of your life start looking like poor planning more than anything else. You will need to make sure that you focus on the little things first and then get to the big stuff. It’s hard to treat your child’s school fees as an emergency when you know that they come every year.
So, how do you even get started getting savings accounts for your children? Your local bank or credit union can help. While we’re on the subject, credit unions love opening assigns accounts for children. The premise is that children will put part of their allowance into the bank, and that means that you will get to see their faces as they watch their money grow. Yes, you can make the act of saving money turn into an education benefit that will leave behind lessons that your children will hold onto for a lifetime. It’s better to make sure that your children get the hang of saving their money than to simply to spend money like crazy. Then again, when you really think about it — children usually do the things that their parents do. Your children obviously look up to you, and that means that they are going to want to do the things that you do — positive and negative. So if you spend money as soon as you get it, your children are going to develop that habit as well. This is also the case if you save money.
The true value of getting savings accounts for your children is that you actually walk the talk — in other words, you aren’t just giving them another lecture — you’re actually leading by example and helping them build their lives from the very beginning. It’s never too early to start a savings account. In fact starting to save money early will allow you to do a lot more than if you just didn’t save anything at all!