Teaching kids to be smart, capable adults is a big part of parenting. And part of that teaching includes financial responsibility. We want our kids to learn that when you need money, you go to work! So this summer, we opened savings accounts for them at AmFirst Credit Union. Here are the 5 reasons to open a kids savings account at AmFirst.
5 Reasons to Open a Kids Savings Account at AmFirst
1. Teaches Kids Financial Responsibility and the Value of Saving
Helping kids with the basics of how to manage money can teach them the skills they need to have financial success as an adult. Money lessons like saving, investing, and budgeting provide a great foundation to help kids make good financial decisions as they grow up. As kids earn money for chores and small jobs, they can save their money in a bank account, and we opened an AmFirst Savings Account for this purpose.
2. Teaches Kids How Money Works
Saving money is not an easy thing for kids or adults! Having a place to keep kid’s money is good because it helps them not want to spend it right away. And having a kids savings account helps teach kids how to manage money–depositing money, withdrawing money, talking to tellers, etc. They need to know how financial institutions work and why it’s important to have their own accounts. We found the people at AmFirst friendly and welcoming! They made it very easy and comfortable for our kids.
3. Earn Money for Good Grades (Honor Dollars)
AmFirst pays for good grades on the Kids Club Accounts! When your child makes all As and Bs on their report card, you can take it into the branch to have $10 deposited into their savings account. If they make all As and Bs that year, they could end up making up to $40 annually, as long as they visit the branch each quarter with their report card! If they keep doing this throughout school without making any withdrawals, they can potentially start with some funds to start off their college or career! It’s also extra motivation to make good grades, which any extra encouragement is a great thing!
4. Create a Nest Egg
My kids are prone to buy something as soon as they get any small amount of money. Having a savings account helps them learn how to save for something bigger and more useful in the future, instead of using all of their money on a small toy that they may only play with for a little while. Creating a nest egg of money can help them save for bigger purchases. Things we’ve mentioned to our kids to save for could be a car when they turn 16, money for college expenses, and so on.
5. Anyone Can Give to the Account
Is your child having a birthday or celebrating a holiday, and you are already over-run with toys? Suggest that grandparents, aunts and uncles, and friends put money in their AmFirst Savings Account so they can continue to grow their nest egg. Creating a place to have family members give money is a great way to encourage saving and cut-down on items that aren’t needed.
