Top Savings Tips for Every Life Stage

by NerdWallet

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The last week in February will mark the 7th annual America Saves Week, a cooperative effort among financial institutions, non-profits, bloggers and other groups to inform Americans about their personal finances and help consumers save more. As a participating organization, NerdWallet is working to get the word out about the benefits of saving, and how to accomplish your financial goals. Below are our top savings tips for every life stage. Read on to learn more:

Children

Learning to save can start at a young age

Most of us think of saving money as a necessity reserved for adults, but younger generations can take part as well. In fact, teaching kids about saving money at an early age will also help them to succeed later in life. Framing lessons in kid-friendly ways through games or characters is often a good way to get a conversation started. Consider Smoky Bear teaching children about how to avoid forest fires. Kids: check out some savings tips from credit union mascots!

Let them practice

The best way to hone a skill is through plenty of practice. Savings skills are no different. Give your child a reasonable allowance and help to set monthly and yearly savings goals. You may even want to open a savings account together. Many banks and credit unions offer accounts just for kids (for example, Alliant Credit Union’s Kidz Klub Savings Account). These accounts allow your child’s money to earn interest in a safe location while also teaching them valuable lessons about the benefits of saving.

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