Stephen Koppekin outlines the importance of teaching your children the foundational elements of financial literary. What's a great place to start? Why not open up a Savings Account for you child?

1. STUDENT FEEDBACK
Savings Accounts
For Kids
The Value of

2. ...TO BEGIN TEACHING YOUR CHILD THE VALUE OF SAVING
MONEY AND BUILDING FINANCIAL SECURITY. WHETHER YOU
WISH TO START SAVING MONEY FOR THEM BEFORE THEY’RE
BORN, OR YOU DECIDE TO WAIT UNTIL YOUR CHILD ENTERS
GRADE SCHOOL AND UNDERSTANDS BASIC MATHEMATICAL
AND MONEY CONCEPTS, IT’S IMPORTANT TO START
TEACHING THESE VITAL LIFE SKILLS THAT WILL BENEFIT THEM
THEIR ENTIRE LIVES.
IT'S NEVER TOO EARLY...

3. H O W T O S T A R T
First, decide exactly
how and when
you’d like to create
a savings account
for your child.
Shop around for
banks in the area
and ask about the
benefits and
requirements for
each account.
Compare the
various options to
make your
informed decision.

4. INVEST SLOWLY
WHILE YOU MAY BE TEMPTED TO GIVE YOUR CHILD OR
GRANDKIDS CASH FOR THEIR BIRTHDAYS OR FOR
HOLIDAYS, DON’T FORGET ABOUT THE OTHER OPTION.
SEND A CHECK AND MAKE A VISIT TO THE BANK TOGETHER
TO DEPOSIT IT.
BY INTRODUCING THE ACT OF SAVING AND DEPOSITING
MONEY FROM AN EARLY AGE, YOUR CHILD WILL BE MORE
INCLINED TO FOLLOW SUIT WHEN THEY’RE OLDER.

5. NO MATTER HOW MUCH MONEY IS INITIALLY
PLACED IN THE ACCOUNT OR HOW MUCH YOUR
CHILD DECIDES TO PUT IN OVER TIME, IT WILL BUILD
UP INTEREST. EVEN A LITTLE AT A TIME IS
INCREDIBLY BENEFICIAL. AS MENTIONED
PREVIOUSLY, THIS MONEY CAN BE USED AS A FUND
FOR COLLEGE.
THE RESULTS?

6. FOCUS ON THE TOOL
KEEP IN MIND THAT LIKE ALL THINGS IN LIFE, YOU’LL BE TEACHING
YOUR CHILD AN INVALUABLE TOOL. ENCOURAGE YOUR CHILD TO
SAVE UP FOR NEW TOYS OR THOSE EXTRA BACK-TO-SCHOOL
SNEAKERS THAT THEY JUST MUST HAVE.
DON’T FORGET TO OFFER INCENTIVES! WHY NOT OFFER TO MATCH
A CERTAIN AMOUNT OF MONEY ONCE THEY REACH A SAVINGS
GOAL OR TEACH THEM ABOUT INVESTMENTS TO INCREASE THE
MONEY THEY’RE SAVING. WHILE FINANCIAL LITERACY MAY SEEM
LIKE A DRY SUBJECT, YOU’LL BE SURPRISED AT THE INSIGHTFUL
AND INFORMATIVE CONVERSATIONS THAT FOLLOW!