Consumer Tip of the Week
Your children learn their money values from watching you. One lesson to teach early on is that there’s a difference between things you want and things you need. Talk about how your family decides what to buy and what to pass up. We believe you are never too young to start developing savings habits.
Since we are focusing this month’s resources on growing your savings, we thought it would be helpful to include some saving tips for your children as well. Helping them develop positive financial habits now will last a lifetime.
Young America Saves offers the following advice to young people beginning, around 14, to save:
Create a savings plan and goal. Pick something you want to save for -- like your college education or a car -- and an amount that you can realistically save every month. Most young savers choose to save between $5 and $25 dollars a month, but save more if you can.
Keep your savings in a credit union account or some other place that is not easy to access. If you keep the money you want to save in your wallet, it’s too easy to spend.
Have a plan for making regular deposits into your savings account or piggy-bank. If possible, it’s best to make your deposits automatically, by asking your employer to deposit a portion of your paycheck directly into your savings account. Or, set a schedule for yourself and pick one day each week or each month to make a deposit.
Check back during the March for resources on protecting your consumer rights.
It’s a Habit: Financial Literacy for youth of all ages
Money Savvy Generation: Helping kids get smart about money
The Mint: Financial security for tomorrow start today
For more information, please visit the Consumer section of www.montanalawhelp.org/. Or, call the Montana Legal Services Association Helpline at 1-800-666-6899.
This Consumer Tip and MontanaLawHelp.org is a joint project of Montana's Credit Unions and Montana Legal Services Association. MontanaLawHelp.org has information about consumer issues, housing, money management, and more.