Have you ever filled up a piggy bank and waited to cash it in for something you dreamed of buying?
Today, there are other ways to start saving not only for what you want right now, but for things you will need in the future.
It is always a good idea to save loose change, tooth-fairy money and birthday money in a piggy bank or a youth savings account! Whether you are 5 or 55 years old, saving will always be an invaluable part of life.
Back when your parents were your age, they used to save their money in a piggy bank.
Now, with the advancement of technology, we have debit cards and online and mobile banking. Many financial institutions offer youth accounts so you can start saving easily.
You can even make automated transfers to your very own account without having to think about it. This helps make it easier to not spend your hard-earned money.
While you may not be thinking about college just yet, that time will come faster than you think. Investing a few dollars into a savings account can go a long way by the time you reach 18 years old.
A tip for having a good chunk of money by the time you reach college is to save 20 percent of your piggy bank, birthday money and other income you may get. When you turn 16 or 17 years old and get a part-time job, think about depositing 20 percent of your paychecks into your savings. Once you get to college, you will have a good amount saved up for your tuition, books or spending!
Coverdell accounts, or 529 accounts, which are basically savings accounts for college, allow you to invest in your future. Speak with your parents about looking into your options starting now.
Saving your money in a youth account or piggy bank will benefit you in the end and will help you build a healthy habit that will go beyond your youth into adulthood.
Federally insured by NCUA, GECU is available to help you save more. Open a GECU Youth Savings account today. Visit gecu.com today or call 778.9221, toll-free at 1.800.772.4328, to see how GECU can help you save and find out how easy it is to become a member.