Asked by Steffanie  |  Submitted August 27, 2015

Could you recommend a good tool to use to get our kids started on a savings plan? Something that would work for their different age groups (pre-teen and teen)

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  Answers  |  1

August 28, 2015

Hi Steffanie! Kids can start learning how to save at any age. Experience is the best teacher, so using tools really drives home the message.. Give your children goals and parameters for saving and spending, and then work with them to review their progress.

My favorite tool for younger savers is the Money Savvy Pig. http://www.msgen.com/ This bank teaches kids to separate their cash into categories: save, spend, donate and invest. For teens, you could go to your local bank and open a savings account so they can watch it grow. The Young American's Bank https://yacenter.org/young-americans-bank/ will allow kids to open their own accounts and manage them, while teaching them the basics of checking and savings.

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