Learning about saving at a young age can make an enormous difference in a child’s life. The skills and habits formed around finances at a young age directly affect the ability to save up for larger items later in life such as cars and homes. Setting up a savings account for your child, grandchild, niece or nephew now teaches them responsibility, budgeting and planning. At Rocky Mountain Law Enforcement Federal Credit Union we want all our young members to get a head start in their financial future. Here is some advice regarding setting up a bank account for a child.
- When is a good time to open a bank account for a kid? – Right now! Seriously, the earlier the better. Give the child a place to store their money received from birthdays or earned from allowances. Help them set up spending goals for special items they may desire such as toys, video games, etc. Read More