It is never too early to start saving. If you want to prepare your child for the future and teach them about saving, this is a great way to do it. Here are three reasons to start a savings account for your child.

Money Management

There are many adults that have a hard time managing their finances. Opening a savings account for your child will teach them to track and control what they spend. It will also give them experience working with a financial institution. If they are comfortable depositing money and eventually using a debit card, by the time they are on their own, managing their funds won’t be as intimidating or difficult for them.

Importance of Saving

Spending money is easy, but saving can be hard if it’s not a regular habit. Teaching your child about saving now will instill a good habit for the future. Depositing money and going over the account with them as it grows will demonstrate how important saving is. Once your child understands the true value of money and savings, preparing for their future will be something they can do, and will do.

Creating Responsibility

Starting the habit of saving is great, but eventually your child will be old enough to use the money they’ve saved for certain things. Maybe they’d like a car to get to their first job, or maybe they will learn about investing at a young age. Allowing you child to be responsible for their own finances can give them a sense of pride, but also teach a lesson of spending money on the right things. Start saving now, and their safety net will be that much bigger when they really need it.

With a SeaComm Moola Moola Account, your child will receive quarterly statements, have online access to their account, and even earn dividends on balances over $5. This exposure to finance will help to prepare them for money management throughout adulthood. Click here to get started!