Starting the Best Savings Account in Las Vegas to Teach Your Kids to Budget
They say, “the apple doesn't fall far from the tree,” so it's up to parents to decide how to steer their “branches” and teach their children about the role of money and the importance of budgeting.
Broad budgeting guidelines for young children and teenagers can be enormously helpful. After all, most children will eventually do chores around the house and neighborhood and work part-time jobs putting money in their pocket for the first time. That money, as the wisest adults know, can find a prosperous home in the best savings account in Las Vegas.
Money and Budgeting Guidelines for Young Children
- Make savings a highly visual experience. Buy the biggest glass jar you can find. It helps youngsters see how their change adds up – and how dollar bills are distinctly different from coins. By the time you take them to open a savings account they'll have a keener appreciation for how money adds up. Instead of peering at their money through glass, they'll be able to see their account balance online.
- Give your child a weekly or monthly allowance. Some parents are adamantly opposed to the notion of "paying" a child for simple chores around the house, such as making their bed, clearing the dinner table and loading the dishwasher. Handle this issue as you wish, tying an allowance to chores or not. It's important for children to see they will have only a certain sum of money to save and spend every month.
- Guide your child through the process of making a purchase with their own money. Children teem with wants. Focus on one such want and help your child purchase it. Review sales ads together, look for coupons and take your child to their favorite store and compare products before raiding the see-through savings account. Through repetition, a child will learn a lifelong truth: it's fun to spend money on “wants,” but the indulgence comes at a cost to savings.
Money and Budgeting Guidelines for Teens
- Establish a savings and budgeting system after your child takes on a regular part-time job. Prosperity4Kids recommends the “10-10-10-70 system” – save 10 percent, invest 10 percent, give 10 percent to charity and live on 70 percent. Alter the percentages as you see fit. Underscoring the importance of “paying yourself first” will pay your child lifelong dividends.
- Talk to your child about how credit cards function. A twin message here is vital: building a credit history is tantamount to buying a car or a house, but credit cards should never be used to buy things that could be purchased with cash after several months of diligent budget-cutting and savings. Explain how interest rates work, how credit card companies make money and why credit cards should be fully paid off every month.
Open the Best Savings Account in Las Vegas for Your Child at Clark County Credit Union
Open an account with only a $50 deposit and simultaneously open the door to a bevy of resources your child will someday appreciate, including direct deposits, a low-interest car loan and certificates of deposit. Working at your side, our financial counselors can even show your child how to pursue a financial goal using the best savings account in Las Vegas. This can be an eye-opening revelation and they will credit you for starting it all by setting their sights on that first see-through savings experience. Call 702-228-2228 to get started today.