As a first time mother, I knew when my daughter was born last year that there were a lot of new things that I would need to learn to ensure she received the best of everything. When you think of newborns, you think of cribs, bouncers, onesies, and bottles – but you don’t usually think of savings accounts and College Saver CD’s. We all know that infants grow up fast and how rapidly time flies, but that’s why saving at an early age is so important.
When I was around 5 years old, my grandmother had an account with GCEFCU and opened my first Sandy Savers Account. I remember the feeling of excitement when I would lug my piggy
bank up to the coin counter to make deposits to my account and earn a prize from the treasure chest. My grandmother would match whatever I saved to my account as well. Although I may not have fully grasped the concept of saving at the time, as a young child I did understand that seeing the amount in the account grow meant that I had the potential to spend that money on toys. Anytime that we took a vacation, my grandmother would allow me to take $10 or so out of the account, but she would always remind me of how hard I worked to save that change. Thinking about having to work hard to replace that $10 always discouraged me from spending the money frivolously.
As an adult, saving can be a daunting task. Even if we have a difficult time saving for ourselves, saving for our children is extremely important because it teaches them the habit of saving from an early age. When I think about my daughter growing up into her teenage and adult years, I want her to know the importance of saving so she can always feel secure knowing she has money set aside for important things like school, her first apartment, or her first car. With the money that my grandmother saved with me, I was able to buy textbooks and art supplies for my first few years at The Art Institute.
April is Financial Literacy Youth month, so now is a great time to start saving for and with your children! If you open a youth account this month, you also are entered to win $500 or a free laptop. For tips on how to save, feel free to visit our website here, or reach out to me directly and I will be happy to assist you with finding a savings plan that fits you and your child.
Post author: Elizabeth Thornton, Team Member since 2013
The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.