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Kidz Start Saving Now!

Sep 5, 2018

Managing money is a foundational life skill. There are so many factors involved and so many open-ended questions at play. How much should you be saving? When is it worth spending more? How do you keep spare change from burning a hole in your pocket? It takes years of discipline and training to perfect this skill, and ongoing self-control to maintain it.

That’s why it’s best to give your kids a head start on money management and saving. As a parent or guardian, remember that the lessons you plant today will take root and blossom, enriching your child’s life for years to come.

Here at Widget Financial, we understand the enormity and difficulty of this task. We’re focusing on ways to help make this process as smooth and as simple as possible.

Widget Financial is proud to offer specialized savings accounts that are designed just for kids.

We know that different ages and stages have different needs. That’s why we offer Kidz Club Accounts for children aged 0-12.

Our Kidz Club Accounts offer no annual fees, and prizes to help you teach your child that saving money always pays.

We’re more than just a place for your kid to keep their money, though. We also want to help your young ones learn all about money management. To do that, we go out of our way to make banking fun and kid-friendly. When your child has a Kidz Club Account with Widget Financial they also have access to attend special events, cool contests, and much more!

Ready to open an account for your child? Does your child already have one? Read on for three steps to take for ensuring your child gets the most out of a new or existing account:

1.) Set a goal

Now that your child’s money will be sitting in a Kidz Club Account instead of a piggy bank, let her use this opportunity to save up for something big. Sit down with her and discuss what she’d like to save for. You can create a long-term goal, like saving up for college or for a first car. Also establish a short-term goal, like a new gaming console.

Set a date for your goals, and then set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target by the designated date. Discuss ways to add to the savings, being sure to include money from birthday gifts, summer jobs, allowances and chores.

2.) Bank together

Whether your child is a first-grader or a lanky teenager, if this is their first time owning an account, they’ll need you to show them the ropes.

Always bring your young child along with you when you stop by Widget Financial to deposit his savings. Show him how it works and let him see the account balance growing. If your child asks you to withdraw money from his account, make sure he sees how this translates into a dip for his savings.

3.) Monitor your child’s activity

Don’t aim to be a helicopter parent, but do keep an eye on your child’s account. If he’s depositing a lot less than planned, ask him where his money is going.

Remember: Every financial lesson you teach your child today equips them with money management skills for a lifetime.