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Easy Savings for Kids

April 6, 2016

Start saving young

For kids, saving can be simple and fun. A great way to start is with clear jars, so they can watch their money grow, and learn good financial habits. An easy way to do this is to create “Save”, “Spend”, and “Donate” jars.

Each time “income” (like birthday money) comes along, together decide how much they should put in the Spend jar, to get something they really want right now and can afford. Then look at how much can go in the Save jar, for that more expensive item they need to wait for. Then how much they might want to Donate to a child who’s not as fortunate as they are.

Parents can use this approach on a more sophisticated level, with a “Club” or “Special Purpose” account. A Club account is a savings share that you create for whatever it is you’d like: a vacation, planning for the holidays, concerts, or other events. You get the idea. You can auto-transfer a set amount from each paycheck, and start saving today! You can open this type of “Special Purpose” share right through memberONLINE.

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