Tips, advice, and the latest news from the savings world.
By Robbin Narike Preciado, Senior Vice President and Regional Executive, Union Bank, N.A.
Most experts agree that it's best to start teaching children about money as early as possible. By instilling sound financial habits and practices at an early age, children can develop a solid foundation that will serve them well throughout their adult lives.
When your child starts to receive money on a regular basis, whether they are given an allowance or are starting to earn money, it is important to convey the importance of saving. When it is time to move beyond the piggy bank, parents should be able to guide their children toward reputable savings vehicles available to minor children such as:
Savings Account – Many banks offer special programs for young customers. “Junior banker” programs provide the full experience for your child, including walking up to the bank’s counter and depositing funds themselves, which can be a boost in both confidence and their understanding of finance. Often times, the financial institution will offer fun incentives to encourage savings, such as rewarding the customer with gift certificates and small prizes for deposits made to the account.
When helping your child establish a savings account be aware that many financial institutions will require that a minors have a co-signor for the account. Your child’s savings will probably begin small, so be sure to shop for accounts that do not charge fees and offer the highest interest rate possible.
February 1, 2012
America Saves Week, February 19 – 26, is an annual event coordinated by America Saves and the America Savings Education Council. Started in 2007, the Week is an opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically, over 2,000 organizations participate in the Week reaching millions of people.
Embrace This Year’s Theme
The theme for America Saves Week 2012 is more than just a theme; it’s a simple set of instructions to help you save successfully. Set a Goal. Make a Plan. Save Automatically. Knowing what you want to save for, how to achieve it, and then making the savings process automatic will allow you to reach your savings goal.
Promote Saving Through Social Media
This year, America Saves created a social media kit to make it easy for others to promote successful saving. Use the kit to encourage your friends and followers to save more. The kit includes tweets, Facebook posts, and sample newsletter/blog content to share during the month February. Want to write your own tweets? Use #ASW2012.