Teaching youth to save
Save some of that holiday gift money.
According to Money Nation, the average parent spends approximately $271 per child over the holiday season. Tweens and teens can be even more expensive. But what happens to the money your children receive as holiday gifts? If you children receive money, it could be a great segway into teaching them how to save. Teaching children about saving early on is very beneficial. As you teach your children to save, you can save too!
America Saves offers the following tips to help children learn about saving:
- Create a savings plan and goal. Pick something you want to save for and an amount that you can realistically save every month. Most young savers choose to save between $5 and $25 dollars a month but save more if you can.
- Keep your savings in a bank account or some other place that is not easy to access. If you keep the money you want to save in your wallet, it’s too easy to spend.
- Have a plan for making regular deposits into your savings account or piggy-bank. If possible, it’s best to make your deposits automatically, by asking your employer to deposit a portion of your paycheck directly into your savings account. Or, set a schedule for yourself and pick one day each week or each month to make a deposit.
America Saves challenges us to save all year and offers free access to the members-only Savers Tracking Tool to help you reach your goals. Happy Saving!
Be sure to check out Michigan State University Extension and MIMoneyHealth.org for more great tips on saving. Don’t forget to take our Financial Health Survey and get your score to learn about more ways to improve your financial health.