Your Child’s First Savings Account
Helping Your Kids Learn to Save
Parents have a unique role in their children’s lives when it comes to money. It's both good and bad.
First, let’s talk about the good. You have the chance to set a course for your children that can help them for the rest of their lives. By teaching them about financial management, you are giving them tools for planning, saving, investing, and budgeting. You can teach them not to spend more than they have and can prepare them with lifelong skills. You really can get them on an exciting path.
But then there’s the bad.
Your kids will most likely adopt your financial habits. If you’re living paycheck to paycheck, it will be hard to actively and effectively talk to them about saving. If you’re living beyond your means each month, you’ll have a hard time giving them practical training. So our habits…good, bad, or ugly…often repeat themselves in our children.
Wherever you’re at with your own finances, there’s a simple solution that First Independent Bank helps families with all the time. By helping your child open their first savings account, you are establishing a good direction for their financial lives. You’re building in them a mindset that thinks beyond the here and now.
There’s also a tangible benefit. By bringing your child in to open their first savings account, you’re setting them up with something concrete. It’s bigger than a piggy bank but smaller than an IRA. It’s a tool to develop good habits and disciple while it’s also a nest egg. It starts small, but soon it grows, and its benefits last a lifetime.
So let us know. We’re here to help.
And here’s a few tips to help parents stay active.
- Stay on Top of it! Periodically (Monthly? Quarterly?) review the account with your child. Let them see how much they’ve saved and how much they’ve earned in interest. Let them think of ways to be more careful with spending or more strategic with saving.
- Do it Together! If you don’t have an active savings plan, talk to a First Independent Bank expert today. We can get you started with something that will work for you and your budget. This way, you’ll be able to coach your child out of personal experience.
- Dream a Little! Set some goals with your child. How much do they want to save? What are they saving for? A video game console or a pair of shoes? College or a convertible? If they have goals and they work toward them, they start to experience the rewards of their hard work. Those rewards reinforce the good habits you’re helping them establish.
Big Enough to Know Business. Small Enough to Know You.
With the expertise and resources of a large bank, and with over 100 years of banking leadership, First Independent Bank advocates for individuals, families, businesses and farming operations. We are your neighbors and friends, looking out for you and your interests as we provide access to the banking services and solutions that you need. Whether you are looking for personal banking services that will advocate for you or for a bank that can handle the high demands of a growing farm or business, First Independent Bank is here for you.