Friday, June 5, 2015

INVESTING IN YOUR CHILD'S FUTURE | TIPS ON HOW TO SAVE MONEY

One of the most important roles we have as parents is to protect and secure our children's future. To protect them and to care for them every single day of their lives in so very many aspects. One of them, financial security and financial education. I remember when my son was born one of the very first things we did was open a bank account for him. We have been saving for his education ever since then, he will be four in August. And so we did the same with my daughter. Which is why today I wanted to share my tips and ideas on how you can also start saving for your little one as well as how you can teach them the value of money and importance of saving. 
Being a mom of 2 little ones I have so many roles I play in their lives and financial planner is definitely one of them. Most recently I was introduced to Boiling Springs Savings Bank. And I really like how they are generating awareness on financial savings for young adults and how important it is to start this responsibility at an early age. They now offer a Student Checking Account for kids 14-23, aimed at high school students, which is a great way to show your child the responsibility of money. Especially for those who are eager to learn how to manage their money, for students going to college or those who have just started their career. 
Let's teach our kids the importance of saving money for their future and how to easy it can be with the right tools and advice and of course the right bank. Here are some tips and ideas:

S T A R T  E A R L Y 
By having an already established account you can show them by example but if for any reason you don't have an account for them yet but would like to, it is never too late to start saving. 

E D U C A T E  Y O U R S E L F
Boiling Springs Savings Bank offers a Student Checking Account. When a student ages 14-23 visits his/her nearest branch and opens a Student Checking Account with $20.15 or more, he/she will receive a $20.15 interest bonus deposit from Boiling Springs Savings Bank in addition to the initial deposit BSSB makes it easy for both the parent and student to maintain this account. They have no monthly fee, interest is earned on all balances, free online banking (great tool I love and use) and what is best you can literally open an account with as little as $1.00.
I N V E S T
Any time your son or daughter receive a monetary gift be sure to deposit the money into their account, instead of buying toys. It will be worth it in the end and I guarantee your child has more than enough toys to play with. Remember that at Boiling Springs Savings Bank you earn interest on your balance so this is a great way to keep your amount growing and your interest accumulating. 
If you are interested in opening a Student Checking Account with BSSB head over to your nearest branch, here is a list of their locations. My nearest location was the Lyndhurst branch at a little over half hour away from me. I definitely recommend that you start your child's financial investment early with as little as $1.00 and deposit as much as you can whenever you can and start earning interest early on. In a few years, you will realize how much you have saved for them and that will definitely put your mind at ease. How do you plan for your child's future?   
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This post is sponsored by Boiling Sprigs Savings Bank. As always, all opinions expressed are my own.

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