National Teach you kids to Save Day
Do you teach your kids to save? Do you save?
A common phase that you may have heard is “to pay yourself first”, which means to put money aside in a savings, CD, money market account or an IRA.
It is important to begin the habit of “paying yourself first”. Savings could start with as little as $25.00 a pay period then gradually increasing that amount every 3 months. While the thought of saving for your future is not a game, figuring out that you actually put money aside each month without affecting your monthly budget can be as satisfying as hitting the winning homerun.
Approach savings with your children as a family project. When welcoming a new baby, open a savings account for them. For the first couple of birthdays and holidays many children receive a lot of toys and items that they outgrow quickly. Instead of giving family members a “birthday or Christmas list” for your baby, ask instead for a monetary gift to be deposited for their future. This is a gift that they won’t outgrow but it will hopefully “grow” with your children. Continue that habit to save a portion of their birthday money as they get older. When that time comes that they are earning an allowance or have their own jobs that savings habit will be instilled in their minds and will help them save for their future.
