Managing money is a foundational life skill.
Managing money is a foundational life skill. That’s why it’s best to give your kids a head start on money management and saving. As a parent or guardian, remember that the lessons you plant today will take root and blossom, enriching your child’s life for years to come.
Here’s a few points to ponder:
1) It helps your child set savings goals
Once your child’s money is sitting in an account instead of a piggy bank, let them use this opportunity to save up for something big. Sit down with them and discuss what they’d like to save for. Create long-term and short-term goals. Set a date for your goals, and then set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target by the designated date.
2) Show them the ropes
If this is your child’s first time owning an account, they’ll need you to show them the ropes. Always bring your child along with you when you stop by OE Federal to deposit their savings. Show them how it works and let them see the account balance growing. If your child asks you to withdraw money from their account, make sure they see how this affects their savings.
3) They’re great for emergencies
As an adult, it’s important to have an emergency fund for the unexpected. Kids need one too. Things that kids consider an emergency are:
- The new pair of sneakers gone missing after soccer practice
- The shattered car window from a baseball
- The misplaced spending money
Give your kids a head start on money management with an OE Federal Youth Savings Account.
- For youth up to age 18
- Save for college or other big expenses
- 24/7 access
- 24/7 account transfers enabled
- Call 800.877.4444 or visit your local branch to get started