The benefits of teaching your children about money early on are both immediate and long term. In the short term, they may develop strong saving habits, learn how to make smart purchases, and learn why they cannot immediately get everything they want. In the long term, you can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security.
In a child’s world, money comes from mum’s purse or dad’s pocket. When this runs out, a machine magically spouts out money by tapping in a few numbers. Children need to understand that money is earned and that you can only spend what you earn.
Saving is a habit. It is learned by doing. If a child can develop a savings habit at a young age, it stays with them for life. Saving gives children a feeling of independence and a sense of responsibility. Having their own savings account helps children to learn how to manage their money. The key element is not how much they save; it is developing the habit of saving small amounts on a regular basis.
Enquire at Castlebar Credit Union about opening a savings account for your child and let the savings habit begin.
Market Square, Castlebar, Co Mayo