Youth Tips - Saving Tips for the Next Generation

 
 

Saving Tips for the Next Generation

Birthdays. Christmas. Graduation. Saving the money you get isn’t at the top of your mind. But, by saving now, you’ll enjoy great benefits later. Have you heard of the rule of three? When you get money, ⅓ should go to needs, ⅓ should go to savings, and ⅓ is for wants. For instance, if you get $100, $33.00 goes to necessities, $33 goes into savings, and $33 is available for spending on wants. Read on for further information on some tips about how to create a healthy financial life.

Youth Programs

So, how do you save? Well, to assist students up to 8th grade, we have youth programs that guide you on how to save.

529 Savings Accounts

One huge expense facing college-bound students is tuition. We recommend having your parents open a 529 savings account when you’re very young to prepare for the cost of college.

Money Markets

Money Markets: This is a type of savings account offered by a brokerage company, bank, or credit union. Because the deposit required to open an account is large, our money markets often pay better interest rates than traditional savings accounts.

Other ways to learn how to save include:

  • Earning your own money

  • Setting savings goals

  • Opening a savings account

  • Tracking your spending

  • Creating a budget

  • Asking your parents to help you with savings incentives

  • Leaving room for mistakes - they happen, but you can always get back on track

So, you see, saving isn’t impossible. There are plenty of ways to save and secure your finances for the next phase of your life. If you have trouble saving, remember any little bit adds up. Start now.

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