Have you ever talked to your children about how to save money? If they are old enough to count, then it's NOT too early to learn. Our bank at the Lake of the Ozarks is here to give you a few benefits of teaching your children to save money at a young age in this week's blog. Interested in opening up a Young Savers Account for your child? Call First Bank of the Lake today. We can be reached at (573) 348-2265.
The Benefits of Teaching Your Children To Save Money at a Young Age
Sets them up for a more financially secure future.
When children learn at a young age how to save money for themselves, it can set them up to be financially responsible in their future. When you teach your kids to save rather than spend their money right away, you are teaching a very valuable lesson. For example, let's say you pay them five dollars a weekday for every chore they complete. This adds up over time. If they complete five chores every week for a year and put that money away into a savings account, they will have OVER $250. That can be A LOT of money to a child. If they save enough over the years, they could even afford to purchase their own first car rather than you having to pay for it.
Teach your children independence.
Can you imagine how confident and independent your teen would feel if they could actually pay for their own car? That is an AMAZING feeling to not have to depend on someone for something you need! This is just one of many examples in regard to you teaching your children independence when you teach them to save money at a young age.
Set a good example.
Lead by example! Show your child you know how to save too. Create that relationship with your child and share that strong, financially responsible feeling together! It can be truly fantastic to share that with one another.
Check Out The Savings Account For Children Available at First Bank of the Lake!
Young Savers
A smart start to savings. This account is perfect for young savers under the age of 18!
- $50 Minimum Opening Deposit
- Competitive Interest Rate
- Interest compounded and paid quarterly
- No Minimum Balance
- Up to 6 preauthorized transfers allowed per statement cycle
- $1 charge for each transfer or withdrawal over 6
- FREE Online Banking
- FREE Mobile Banking
- FREE eStatements
Support Your Local Banks, Support Your Economy!
We hope you enjoyed learning more about teaching your kids to save money and our Young Savers Account. At First Bank of the Lake, we don't try to sell you a loan or service you don't need. And, we make all of our decisions right here at home - we use judgment and compassion when evaluating customer requests. Our goal is to find the right product or service to meet your financial needs. We're sure we have the perfect account to meet your needs. Come into First Bank of the Lake and talk with our friendly Account Specialists today! First Bank of the Lake - Where We Put You First.
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