by Jasmine Y.
There are a lot of benefits when it comes to saving accounts. Having your teen start one as soon as they start to get money is what you should encourage them to do. This will make them start to be responsible with their money. So let's say that you have gotten all of this money from holidays and as a kid, you built up all of that money when you are 18 you will see all the money you have and thank your parents for making you do that right then and there while you were young.
This teaches the kids Independence. Teens are always saying how they want to grow up faster opening a checking or a savings account we are entrusted to keep up with that fund and keep track of it. When someone is earning their own money they tend to be more careful what they buy with a certain amount but if it was someone else's money they would spend that in a couple of seconds not even thinking about what you are buying with it.
The long run. When you are 18 and you are able to take charge of your account you will be so satisfied with the number you see depending on how much money you have received with workings, chores, holidays…etc. When you see that money and you are wanting to go to college you will have so much fun knowing that you will be able to live with the money that you made. You can even use that money for other things too. You could also keep your money in your savings. Knowing how to be responsible with money is a really big thing because you don't want to be living paycheck to paycheck. You want to have some of that money for things you need or things you maybe want.
Maybe you want to start to invest in something and you start getting into the stocking. Maybe you are interested in buying properties. Whatever your long-term goals are you need to invest in them. Putting that extra money in that saving account is a great way to start investing.
Works Cited
“5 Benefits of Teen Savings and Checking Accounts.” 5 Benefits of Teen Savings and Checking Accounts | Rivermark Community Credit Union, www.rivermarkcu.org/youth/resources/benefits-of-teen-savings-checking#:~:text=Saving an established portion or,short- and long-term.&text=Instilling good savings habits early,investments, and think about retirement.
Zhang, Richard. “Consumer Banking: Statistics and Trends in 2021.” ValuePenguin, ValuePenguin, 6 Jan. 2021, www.valuepenguin.com/banking/statistics-and-trends.
I totally agree with you! My parents jumped the gun and had savings accounts set up for my sibling and I, looking back they say they made the right call as the small deposits over time have left me in a very comfortable situation as an 18 year old heading to college!
ReplyDeleteI totally think that there are lots of benefits for opening a saving account for yourself or others as it will only benefit you for the future. For as long as I remember, I have always had a saving account that my parents would put money away for me in, and as soon as I got older I started to put more money in there myself. I now know how to better manage my money and only use my saving account if I want to pay for something in the future like a new car or college! Overall, your post was very informative, easy to read, and your graph added a good informational touch!
ReplyDeleteThis is so true! I am really fortunate to have had my parents give me tips on saving my money quite early. I think a lot of people don’t think about having to save money until it is too late, which is why a person would become stuck living paycheck to paycheck. I know that for most people saving money isn’t the most fun thing to do, as you typically won’t see that money for a while, but it definitely has set me up, and most people who do save, with a comfortable situation later in life, knowing that you have some money in case of emergencies, or even to have some fun with.
ReplyDeleteI completely agree with you. My best friend actually started saving when he got his first job and that was when he was 14. Now I can tell he is super confident with the amount of money he has for his future. Sometimes it is difficult to save money because there is so many things you want to buy for yourself. But it's definitely worth it! This was a good informative post.
ReplyDeleteThis is what my parents did & I am so thankful they did because it taught me how to save money & how good it feels to have that money & not have to worry. I will definitely use this when I have kids because it gives kids such a big head-start!
ReplyDeleteI totally agree I always knew that saving money for the future was always a very hard thing to do such as knowing that you're still very young. But like we all know kids/ teens are always thinking about ways to blow there money yea it might seem nice with all the items they are buying but really I dont think kids think of the future very far but yes know I know how important it is to save money so I totally agree with you that we should always be saving money and starting to put money aside for the future. -Great information
ReplyDeleteI definitely agree that opening a savings account does promote independence and responsibility, especially at a young age. However, I don't believe they shouldn't be spending any of the money they receive over the years either. I believe showing them what they should and should not buy (rather than not buying anything at all) will also be a valuable asset to them in the future. Your sentences were a bit hard to follow, but I think you did well overall, and made an excellent point.
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