Teaching safe spending and saving habits to your children can lay the foundation for their future financial decisions. Money is a major aspect of day-to-day life, so you want to make sure your children know the benefits and consequences of financial decisions. To start this education, financial experts recommend teaching children about saving money first. According to Sam X Renick, co-creator of the financial literacy initiative Sammy Rabbit, “Saving teaches discipline and delayed gratification. Saving teaches goal-setting and planning. Saving stresses being prepared. Saving builds security and independence.”
One of the best ways to have your children start saving early is by starting a savings account for your children. Children’s savings accounts are a type of savings accounts set up by parents/guardians where the parents/guardians have joint ownership over the account with the child. The child is able to access funds from the account, and parents/guardians are able to monitor the account’s activity.
With a children’s savings account, children are able to learn valuable money skills to set them on a path to future financial success, such as saving for college, a car, or a house. Experts indicate that children’s savings accounts help children learn the difference between wants vs needs, developing a habit of saving, and the value of investing their money. Parents, as well, benefit from children’s savings accounts. Savings accounts give you a convenient way to talk about money with your children, discuss the importance of setting goals with their savings (such as saving enough money to buy a new toy), and responsible spending.
At White River Credit Union, we have a children’s saving account called Rocky Raccoon accounts. With our Rocky Raccoon accounts, our youngest members of WRCU, between the ages of 0-12, can build strong savings habits and have a fun time doing so. Included in WRCU’s Rocky Raccoon package are access to a Rocky savings account, virtual banking tools, online resources, and our Saving for Something Savings program. We also include Rocky updates, a Rocky ID Card, and Online Banking access to make it easy. Not only do these accounts allow children the benefits of a standard children’s savings account, but they can also enjoy several interactive features. Rocky Raccoon accounts include engaging games and puzzles to build financial literacy and show children saving can be enjoyable. Additionally, it only requires a minimum opening balance of $25.00 to get started, and there is no monthly service charge.
Encourage your children to start saving money and set up a Rocky Raccoon account today.
At White River Credit Union, our team’s mission is to set you and your family up for financial success, so we dedicate our time and resources to ensure you have the tools you need to thrive. To learn more about WRCU’s services and how we can help you and your family reach your financial goals, give us a call or text us at (360) 825-4833.