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Never Too Early to Start Saving

Never Too Early to Start Saving

Raising children is no easy task. You can only hope that when they leave the nest, you will have already instilled in them the life skills they need to succeed. One way to relieve some stress is to make sure your children are prepared for financial success from the start.

First, create a college savings plan for each of your children. If you have the ability, try to save as early as possible. The expense of college has risen tremendously over the years. By beginning to save for college early in your children’s lives, they will be in a much better place financially when the college bills come due. Another perk of starting college savings early is the money will have more time to grow.

Second, teach your children the fundamentals of money management when they are little, and continue to impart those values as they grow. Children have the ability to retain a lot of information at a young age. If you start educating them about finances early, it will remain a key part of their lives from the moment they receive their first dollar. Being financially literate can ease their stress levels once they start to make large purchases as adults.

Topics to teach your children should include:

  • How to save
  • How to budget
  • Understanding needs versus wants
  • What interest is
  • What loans are
  • What the differences are between credit and debit cards
  • How to write a check

Finally, let Pittsford FCU help you start a strong financial foundation for your children with our youth accounts. Our In The Money accounts cover youth from birth to age 21. We offer online courses that can both educate your children as well as earn them some money upon completion. Contact a Member Service Representative today or visit PittsfordFCU.org/youth to learn more.


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