LET’S DO A FINANCIAL CHECK-UP | YOUTH (From Birth – Age 12)
There are several options for saving for children or grandchildren. One of the easiest ways to start is to open a children’s savings account. Setting up savings for your child will build up a nice account for when they older. Also, it will teach them the value of saving and help you to coach them on ineffective money management.
NEED VERSUS WANT
During this age, children are learning the difference between Need versus Want. Additionally, responsible spending habits will help a child learn how to make the right choices. While at the store, practice what is a need (toothpaste, soap, toilet paper, food, clothes) and what is a want (toys, candy).
THE POWER OF SAVING
Parents can also teach about the power of compound interest. Once your child opens their account, it pays dividends right away. Whether it’s a birthday card from nana, a chore allowance, or tooth fairy visits, your kids will want to keep their treasure safe. A Momi’s Money Savings Account is a perfect way to teach your child about the right and wrongs of money. It might surprise them to watch their money grow when they add it to a savings account.
FINANCIAL EVENTS | Saving for Children
PRODUCTS | Saving for Children
TO DO | SAVING FOR CHILDREN
Help your child by…
- Keeping a piggy bank | When you open a Momi’s Money account, we will provide a monkey bank for you to get started.
- Teaching Need versus Want
- Playing games with them that involve money
- Making a wish list with your child for their wants
- Teaching them while you shop
- Establishing an allowance for chores they do
- Involving your kids in purchases
- Teaching them the value of money and the denominations
Are You Ready?
Overall, you should teach your child to save while using the account. Momi’s Money was created to teach children the value of saving money and rewarding them for goals met. On occasion, parents like to deposit large sums of money for their children. Unfortunately, this does not teach them the value of money or how to save. For larger amounts, we strongly suggest also opening a Jumbo Savings Account or a Coverdell Education Savings Account with/for your child.
LINKS | FINANCIAL CHECK-UP