If you’ve been thinking about ways to save, but haven’t really started, now’s the time to do it because it’s America Saves Week! In conjunction with this nationwide event, we’re offering tips and insights on ways to save each day until Saturday, February 28.
The goal of America Saves Week is to encourage individuals and families to save money and build personal wealth as well as improve financial literacy.
Here are some tips for family and youth savings:
- Kids learn from their parents, whether they’re being deliberately taught or not. So if you’re children see that you have good savings habits, chances are they’re going to pick up those habits, too. (Tip: Here’s a good way to get your kids on the right path – open a Nickels Savings Account with BankFive for them today! It’s easy, just click here. The Nickels Savings Account is a fun way for kids 12 and under to learn how to responsibly manage money.)
- There’s no place like home to put good savings habits to work. Creating a budget and sticking to it is an excellent habit to adopt, along with establishing a savings account and putting money into it every week/month. Here’s another one – think long-term by routinely stashing away money for retirement. And be sure to share your savings habits with your kids so they can start learning at an early age. (Tip: The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation (FDIC) have teamed up to help better prepare America’s young people to make financial decisions to achieve their own goals. Check out age-appropriate information and activities for your kids at http://www.consumerfinance.gov/parents/.)
- Set up a spare change jar in your kitchen and encourage everyone carrying pennies, nickels, dimes and quarters to toss those coins in the jar. You and your kids will be amazed at how quickly the coins will pile up! (Tip: Creative an incentive by telling family members that the spare change can be used to help them buy gifts during the holidays.)
- If your kids are at the age where they can start working, strongly encourage them to open a student savings account and to deposit a portion of each paycheck into the account. (Tip: BankFive has a Student Savings Account designed especially for students 16-24 years old. More information is available here.)
- Make everyone in your family more conscious of ways to save money on utility costs. For instance, tell them to turn off the lights when they leave a room. Or turn down the thermostat during cold weather when no one is home during the day. (Tip: Many utility companies offer a variety of tips for conserving energy. Call them or go to their website to learn more.)
Stay tuned for additional ways to save. And check out www.americasaves.org for even more timely savings tips and advice!