Managing money is a foundational life skill. There are so many factors involved and questions to ask. How much should you be saving? When is it worth spending more? It can take years to perfect this skill. That’s why it’s best to give your kids a head start on money management and saving.
Wasatch Peaks is proud to offer specialized saving accounts for your kids. Our MONEY MOO$E™ Kids Club is geared for children up to 12 years old, and our Z-Checking™ Youth Account is perfect for teens who are aged 12-17. These free youth savings accounts offer awesome perks like prizes or cash back rewards!
Ready to open an account for your child? Do they already have one? Here are three ways to ensure that they get the most out of their account:
1. SET A GOAL
Let your child use this opportunity to save for something big. Together with your child, create a long-term goal, like saving up for a first car. Also create a short-term goal, like a new hoverboard. Set a date for when you hope to hit your goals. Next, set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target on time. Discuss ways to add to the savings.
2. BANK TOGETHER
If this is your child’s first time owning an account, they’ll need you to show them the ropes. Take your child along when you stop by Wasatch Peaks to deposit her savings and show her how it works. If your child asks you to withdraw money from her account, let her see how this translates into a dip for her savings. When helping your teen child, you’ll need to walk him or her through that first deposit and withdrawal. After that, leave it to them. Make sure they understand that every swipe of their debit card means a dent in their account. It’s also a good idea to warn kids of all ages about security. They should know to never share their account information with anyone and to keep their debit card in a safe place.
3. MONITOR YOUR CHILD’S ACTIVITY
Always keep an eye on your child’s account while they’re learning money management. If your child is depositing less than planned, or your teen is maximizing his daily ATM allowance, speak to them about better money management and avoiding impulse purchases. Every financial lesson you teach your child today equips them with skills for a lifetime. At Wasatch Peaks, we will be here for you through all stages of life. Stop by your local branch or give us a call at 801-627-8700 and join our MONEY MOO$E Kids Club or open a Z-Checkingaccount to start saving.