Opening a savings account for your child: A how-to on a healthy head start.
Whether it’s money from chores, a weekly allowance, holiday checks, or quarters mailed from great aunts as birthday gifts; children acquire funds. Opening a savings account can be a great way to give them a head start by teaching them how to manage their money. We’ve highlighted ways to teach your children about saving, spending, and sharing, but below is a guide on how to open an actual account where they can keep their money secure and learn about managing their funds.
- Get them started by gathering their money
Before diving into the world of banking, you’ll want to make sure they have their money gathered for an initial deposit into their new account. A container such as a jar, box, or piggy bank is a good way to store cash, coins, and checks until they are ready for deposit.
This is a nice exercise in helping children take inventory of what funds they have and keep track of where their money exists. Treating this gathering phase like a game can be a fun way of learning responsibilities and positive reinforcement for saving.
- Opening an account
Once their money is gathered, a parent or guardian will need to accompany the child to assist in opening an account. The process is quick, easy, and can be accomplished at any of our branches. This face-to-face interaction will give your child an opportunity to build a relationship and understand that they are a valued customer of Westfield Bank!
- Practice makes perfect
When the account has been opened, show them how to fill out deposit and withdrawal slips. The more experience a child has with these basic banking practices, the more comfortable they’ll become with taking the lead on future transactions. Exposure to the “basics of banking” at a young age can give your child confidence as they move into their own financial decisions.
It’s never too early to form good habits.
Westfield Bank is happy to assist in helping to shape healthy habits in your child’s financial future. The importance of independence and confidence in money management is a valuable lesson and one that many don’t grasp until later in life. A saving account is a great way to start a college savings fund, learn about budgeting, and become more familiar with responsibility.