Content contributed by Westminster Savings @ River District.
As summer winds down and the school season arrives, requests for the latest back to school trends often increase. Giving kids a budget for their back to school necessities and requiring that anything extra is their responsibility is a great opportunity to get kids motivated to save for the items of their choice- be it the latest pair of name brand sneakers or an entire wardrobe refresher. Instilling healthy attitudes about money and the knowledge of the benefits of savings is an important life skill.
A great way to begin the journey to financial literacy is to start with getting kids excited about saving, and the first step is in opening their own bank account. The next step is to engage your child in healthy saving habits and regular deposit transactions, such as allowances or birthday money. Talking to our children about their savings goal and how much they are accumulating will help them to put things into perspective. Seeing progress provides positive reinforcement and allows your child to appreciate the value of their possessions.
Young children learn best by examples. By talking to our children about healthy spending and saving habits, we can save them the heart ache of trial and error in the future.
Once all the foundations have been established, put them in the driver’s seat of their account! At Westminster Savings we can help and guide you. We’ll start with a kid-focused account opening meeting tailored to your child’s abilities and understanding. We’ll work with you to set secure daily and weekly limits that are right for your child. We can help you provide a chance for your child to independently make deposits and withdrawals as well as get into the habit of ownership and personal accountability.
Having their own savings account will allow them to develop strong spending and saving habits. You can easily track their spending and also easily transfer funds to them for allowance and to incentivize good behaviour. By spending their own money from their own account, they will think twice before making big, unnecessary purchases.
Here’s where Westminster Savings can help with our Junior Banking Package:
- Until the child turns 19, they will get a FREE chequing and savings account along with a Member Card (for use at ATMs and point of sales.
- The parent(s) has the option to be joint on the child’s account for ease of management
- Daily spending and withdrawal limits, account access restrictions on the Member Card or Online Banking, signatures required can all be customized specifically for each child.
- We start the child off with $10 in their chequing and $10 in their savings account and also donate $10 to a charity of their choice!
- Free bank statements because what kid doesn’t love getting mail?
- Take advantage of RESP grants to help save for the child’s post-secondary education
- For a limited time, open a new account and kids and teens received a movie pack, including free movie tickets. Details here.
If you are interested in learning more about how our Junior Banking Package can help your child and your family, please call 604-517-0100 and ask to book an appointment at the River District Branch. You can also visit us at River District at 8586 River District Crossing, Vancouver BC, V5S 0C2. Our experienced and accredited Financial Solutions Managers are here to guide you and your family.
We hope to see you and your child soon!