Start saving early
As a parent, you want to set your children up for financial success. And research has shown that kids who learn about money early are better able to manage their personal finances as adults.
Patelco is here to offer some tips, along with the right products to help you put your child(ren) on the path to lifelong financial wellbeing.
“When my kids were born, I started a savings account for the money they get from their grandparents for birthdays and holidays.” -Debra, Patelco member
Introduce the value of money at an early age and emphasize savings. If you decide to give them an allowance, encourage them to make the choice on how they want to spend it and save a portion, so it becomes a regular habit. If it’s their money, they may make the choice differently than they would with someone else’s money. It’s likely they will want something that costs more than their allowance, talk about delayed gratification and how saving regularly can help them reach their goal.