Parents have an essential and unique role in their children’s lives when it comes to money. It's both good and bad.
First, let’s talk about the good. You have the chance to set a course for your children that can help them for the rest of their lives. By teaching them about financial management, you are giving them tools for planning, saving, investing, and budgeting. You can teach them not to spend more than they have and can prepare them with lifelong skills. You really can get them on an exciting path.
Your kids will most likely adopt your financial habits. If you’re living paycheck to paycheck, it will be hard to actively and effectively talk to them about saving. If you’re living beyond your means each month, you’ll have a hard time giving them practical training. So our habits…good, bad, or ugly…often repeat themselves in our children.
Wherever you’re at with your own finances, there’s a simple solution that First Independent Bank helps families with all the time. By helping your child open their first savings account, you are establishing a good direction for their financial lives. You’re building in them a mindset that thinks beyond the here and now.
There’s also a tangible benefit. By bringing your child in to open their first savings account, you’re setting them up with something concrete. It’s bigger than a piggy bank but smaller than an IRA. It’s a tool to develop good habits and disciple while it’s also a nest egg. It starts small, but soon it grows, and its benefits last a lifetime.
So let us know. We’re here to help.