- 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.”
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.