5 Sure Ways To Set Your Kids Up For Financial Success

  1. Save Often

You never know when calamity will strike. Having a savings account gives you peace of mind that you will be secure in tough times, as well as, allowing you to purchase big money items when a need arises.

According to American Funds:

Forty-three percent prioritize early saving behavior as a key for a good start in life, and this is closely aligned with the 46% who say young people should save regularly each month and with every paycheck.”

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Encourage your children to put a portion of their allowance or birthday money in a savings envelope that you can hold on to in a safe place.

They can use it for an expensive toy they have been wanting, or for a long-term goal such as a car or trip.