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Savings Strategies For Parents: How To Help Your Child Build Wealth
One of the most important things a parent can do for their children is teach them about money. Not only does this help kids understand how to manage their finances, but it also lays the groundwork for a lifetime of financial success. Keep these savings strategies top of mind as your child grows and starts making decisions for themselves. With a little planning, you can help your child build wealth over the long term. This blog post will guide you through some of the best savings strategies for parents and their children.
Open a Children's Savings account.
Many banks and credit unions offer savings accounts for children that parents can also own. These accounts can encourage children to save money, not spend it.
Trevor Stone, a certified financial planner and senior advisor at the Compardo, Wienstroer, Conrad, and Janes offices of Moneta in St. Louis, stated, "What a lot of people do is to open a separate savings bank." Stone says it is the best way to save money for your kids.
Parents may prefer to transfer recurring allowances to their child's savings accounts to pay a cash allowance to them rather than giving them a cash allowance. This will encourage children to be more involved in managing their money and earning interest. Children may be able to open teen checking accounts or get debit cards as they grow older. To help their children manage money, parents remain co-owners.
Get the basics at a young age.
Since 2001, Renick has taught children about money through the character of the Sammy Rabbit storybook. Renick has discovered that children learn more about money the sooner they start. He recommends that lessons should be started before seven years old, as research has shown that children's money attitudes and habits are formed at this age.
When your children are old enough to understand that they shouldn't have pennies in their mouths anymore, introduce coins and cash to them. Explain to your children what money is and how it's used. It is actually more effective to show them how money works. Let them see you buying with cash.
Explain to your children that even if you use a credit or debit card to pay, you still use your money for purchases. Chase Peckham was the director of community outreach at the San Diego Financial Literacy Center. He did this with his preschool-aged son and daughter. Peckham would always show his children receipts indicating the amount he had paid when they shopped together. He says, "By doing this over and over again, it became a routine to them." "As they grew older, they began to understand. This is how we introduced money.
Peckham claims that his son, aged 4, understood the concept of money thanks to the receipt strategy. His daughter was more difficult for him to understand. He was persistent and knew that the lightbulb would switch on for his daughter.
Develop a habit of saving
Spending is a common part of your children's first encounters with money. Children will see you spending money on things, even for their own benefit. It's crucial to teach children from an early age that money should not be used for shopping. They should also learn how to save money.
Saving is more than a money-saving habit. Renick states that saving teaches discipline as well as delayed gratification. Saving teaches planning and goal setting. Savings emphasize the importance of being prepared. Savings are a way to build security and independence.
Give your children a piggy bank, savings jar, or other means to encourage saving. Use short messages to encourage your children. These are some examples from Renick:
Saving is a wonderful habit.
I love saving.
It's good to save money and plan for the future.
Young children will have more success saving for their short-term goals, such as buying a toy that they want, than saving for the future. This is Tim Sheehan, CEO and co-founder of Greenlight, a debit card for children with parental controls. A father of four said that his children learned the value of delayed gratification by being encouraged to set short-term goals even though they had little. They are now able to save for long-term goals as they get older.
Children can also be encouraged to save more by their parents by offering to match any amount that they save, either dollar for dollar or a percentage. Greenlight and FamZoo are great options for children who are old enough to move from a piggy bank to a bank. These apps and prepaid debit cards allow parents to transfer money and pay interest to their children at a rate that suits them.
Opportunities to Make Money
Children need money to learn how to manage it. This can be accomplished with an allowance. You might consider asking your children to perform certain chores in order to earn their allowance. Renick states that "just about everyone values the money they earn differently from the money they get."
Peckham and Sheehan both stated that they wanted their children to learn the value of money. Children are expected to perform certain chores for their families and aren't paid. They must complete specific tasks if they wish to be paid.
Sheehan said that his two youngest children, who remain at home, receive a weekly allowance equal to their age. Peckham initially did this with his children, but now they get a monthly "salary," which is directly deposited into their bank accounts each month. He says his children have agreed to take on more jobs around the house and negotiate salary raises.
Help kids make smart spending decisions.
Sheehan wanted his children to be able to understand that money is earned. He also introduced an allowance system to help them learn how to live within a budget. Sheehan said that his two youngest children (16 and 11 years old) would always ask for money and spend like drunken sailors. He told his children that they would receive all the money, and it was up to them to manage it.
He says, "Amazingly, it worked." The Greenlight app allows them to track how much money they have coming in and out and how much they are saving. Sheehan says that they will be able to manage their budgets when they move into the real world.
Since they started receiving an allowance, Peckham allowed his children to make their own decisions about money. He gave his children three jars to use for saving, spending, and giving. Peckham explained to his children that they needed to place a portion of their allowance into each jar but didn't give any details. They had to decide.
Peckham is also teaching his children that spending doesn't have to be about purchasing things you like. Peckham wants his children to understand that when they are adults, they will need to spend money on the things they want and have the option to hire people to do it for them. It will cost him if his children don't do what he expects them to do.
They are basically paying their parents to do these things for them. Their allowance pays for the money. He says, "I wanted them to make decisions about what they were prepared to pay for and what not." "I want them to realize that every decision they make will have a repercussion. Personal finance is all about making decisions.
Explain the differences between a debit and credit card
Your child will be able to see you swipe your card at the check-out counter when they are young.
A debit card can be used to pay for things like groceries, but a credit card can be used for borrowing money. Before your child uses a debit card for themselves, it is important that they understand the difference.
Sheehan says that a debit card doesn't help build credit. But, the good habits of responsible card use can translate to complex topics such as credit cards and borrowing.
Many banks offer debit cards that are specifically designed for teens and children. Chase is one example of a bank that offers a Chase First Banking SM account. This account allows you to open a Chase First Banking SM account with your existing checking account. You can then get a debit card designed for children 6-17 years old.
Open a Health Savings Account
A health savings account may be an option if you have high-deductible insurance. Stone states that these accounts are the best for health care.
A qualified high-deductible family insurance plan may allow you to contribute up to $7300 to a savings account in 2022. The money can be used to pay qualified medical expenses and is tax-deductible. Money can be withdrawn at any age and is subject to regular income taxes, just like a traditional 401k or IRA.
A married couple can only open one account for health savings, but each child can open their own account. Anyone can contribute up to $7,300. Although there are restrictions on how this money can be used, it can help ease your child's transition to adulthood by providing an account for health care expenses.
If you aren't eligible for an HSA, your employer may offer a flexible spending account to cover health care expenses. These accounts provide similar tax benefits but have lower contribution limits. You should keep in mind that an HSA balance can be invested year after year, but cash in an FSA must be used within a specified period.
Open a Custodial account.
Custodial accounts are best for parents who want to save money but do not want their children to have cash access until they turn 18. While the money is kept in the child's name, parents can deposit money into the account and manage it until the child turns 18.
Custodial accounts can be opened at brokerage firms such as Charles Schwab and Franklin Templeton or banks like Bank of America. These accounts are subject to the Uniform Transfer to Minors Act as well as the Uniform Gifts to Minors Act. Children can have securities and other assets in the accounts that are not allowed to them otherwise.
Custodial accounts are not tax-efficient, but they can be a great option for parents who don't know if their child will attend college or want to give a financial gift to them upon reaching adulthood. Money from a custodial account is transferred to a child once they reach the age of majority, as determined by their state.
Klingelhoeffer believes that automatic transfers can be problematic in certain situations. While a parent might have saved money to use it for a specific purpose like buying a house or other important purposes, there are no restrictions on an adult child using it for any other purposes. Klingelhoeffer states that if the account is opened while a child is young, it is not possible to predict if they will be responsible.
Let them Earn Their Own Money.
According to an American Institute of Certified Public Accountants survey, two-thirds of parents reported that they gave their children an allowance in 2019. The average child earns $30 per week based on five hours of work.2 This is a great way to teach your children how to save money. Children learn the value of hard work by receiving chore allowances.
Set Savings Goals
For a child, it may seem absurd to tell them to save money without explaining why. A better way to motivate children is to help them set savings goals.
Help them break down their savings goals into smaller chunks if they know what they want. They might want to purchase a $50 video game, but they only get $10 per week. Help them calculate how long it will take based on their savings rate.
Provide a Place to Save
If your children have a savings goal, they will need somewhere to store their money. This may be a piggy bank for younger children, but if your child is older, you might want to open a savings account at a bank. You could also get a kid-friendly debit card. FamZoo and Greenlight cards notify you when your child makes purchases. They also allow you to set up savings goals.
Track Your Spending
Being a better saver is about knowing where your money is going. You can track your expenditures with an app for your bank or credit card, but it is also possible to do it manually.
It can be a great experience for your children to have them record their purchases every day and add them up at week's end. Encourage your children to reflect on their spending habits and consider how they could save more money.
The company's matching contribution is one of the main reasons that people save for retirement. Free money is a great incentive. You can also use the same principle to motivate your children to save money.
You could match a portion of the savings if your child has made a significant saving goal, such as a $400 tablet. You could also reward your child for reaching a milestone in saving, such as $50 or 50 bonus points.
Set A Good Example
T. Rowe Price's survey revealed that 59% of parents did not have any money saved for retirement, and 55% had an emergency fund.8 This is a great opportunity to encourage your children to save.
You can encourage savings as a family activity by opening a 529 savings or emergency fund, increasing your 401(k), and simply increasing your contributions to your 401(k). A family could decide to save together for a large-screen TV, a vacation, or a pool.
Help your children create a personal budget.
It's a good idea to create a budget together with your children early in life. This will help them learn the basics of money. This is a great opportunity to encourage responsible spending and to collaborate with them to create a savings plan. Get the conversation started with our PDF.
Raising a child is expensive. Between diapers, clothes, toys, summer camps, and more, it's no surprise that parents are constantly looking for ways to help their children save money. In this article, we'll look at some of the most common savings strategies that young people use and offer advice on how you can help your child build wealth. There is no one-size-fits-all answer to this question – what works best for one family may not work as well for another – but by following these tips and providing support, you will be helping your child develop essential life skills that they can carry with them throughout their lives.