7 Reasons Why Your Child Should Have a Savings Account

April is celebrated as Credit Union Youth Month, a time dedicated to nurturing and empowering the next generation with essential life skills. As we celebrate this special time, let's dive into ways to teach our kids about money while keeping things fun! One awesome way to do this is by getting them their own savings account. 

Why Should My Child Get a Savings Account?

At Forest Area Federal Credit Union we offer youth accounts from birth to 17 years of age. Not sure if your kiddo is ready for their own account? Check out these seven reasons why your child should have a savings account.

  1. Getting the Hang of Saving Money

Think of a savings account as your child's first step into the world of saving for their future. By squirreling away some cash regularly and watching it grow, they start to understand why saving up is important. It's like planting seeds and watching them grow into big, leafy trees – except with money!

  1. Learning How to Manage Money

Having their own account teaches kids to be smart with their spending. They start to get the hang of budgeting and making wise choices about where to spend their hard-earned cash. Plus, they learn the ins and outs of managing an account, like keeping track of their balance and how to use a debit card.

  1. Goals, Goals, Goals

Challenge your child to save up for something they really want, like a new bike or a video game. It's a fun way for them to learn the value of setting goals and working towards them. Watching their savings grow brings a sense of accomplishment, and when they finally reach their goal, it's like winning a trophy!

  1. Empowering Financial Decision-Making

With their own savings account, children gain a sense of empowerment over their financial decisions. They learn to weigh the options between saving for something they want now or saving for something bigger and more important later. This hands-on experience helps them develop critical thinking skills and fosters a sense of control over their financial future. By giving them the reins early on, you're setting them up to become savvy money managers who can navigate the financial ups and downs of life with confidence.

  1. Getting Ready for Life's Curveballs

Having a savings account from a young age prepares your child for unexpected expenses later on. Whether it's saving for college, starting a business, or dealing with emergencies, having a stash of cash gives them a safety net to fall back on.

  1. Sharing is Caring

A savings account can also teach kids about the joy of giving. Encourage them to set aside some of their savings for charity or community projects. It's a great way to show them the impact they can have on others and foster a sense of empathy and generosity. Bonus: During the month of April 2024 by opening a new youth account with FAFCU your child is helping to donate $20 to Sleep in Heavenly Peace to help provide beds for kids in need! 

  1. Dipping a Toe into Investments

Besides just saving, a savings account can introduce kids to the basics of investing. You can chat with them about things like interest rates and how their money can grow over time. It's like planting seeds for their financial future!

 Set Your Child Up for Financial Success with a Youth Account From FAFCU

Opening a savings account for your child isn't just about stashing away some cash – it's about setting them up for a lifetime of financial smarts and success. So why not give them a head start on their money journey with a Youth Account from Forest Area Federal Credit Union. When you choose for your child to become a member at FAFCU they can take advantage of perks like:

  • A piggy bank or wallet for enrolling (birth-12 year olds)
  • Earning dividends on their money
  • FAFCU matches their first $10 deposit upon enrollment 
    • BONUS: For Youth Month 2024 (April 1 - April 30th, 2024) we are doubling our match and giving new youth members $20 for their first $10 deposit PLUS making a $20 donation to our local Sleep in Heavenly Peace chapter!
  • Special youth certificate promotions to increase their earning potential
  • Scholarship opportunities for High School Seniors

Apply to become a member by going online or visiting one of our six convenient locations today!