Children learn from their parents. Start family savings plan to help your children learn about money-saving. This can be done even if your family is already saving money by contributing to a retirement plan or having additional money taken from your paycheck and put into a savings account. It doesn't cost much to start a family savings program.
There are several key steps that you need to take in order to get started. You can also look for UBS Global Family Office Return & Impact for family banking services.
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The first one can be the most difficult. It can be helpful to break it down into smaller pieces. Here's a quick checklist for doing that.
Using a jar or coffee can make the family bank. The kids can decorate the jar if you recycle a spaghetti sauce jar or coffee can. Make a hole or slit in the lid to allow money to be dropped in.
Choose a location for the family bank in your house. Everyone can see it and remind themselves to save. It can be stored in a safe place for guests.
Talk to your family about saving. You can all put your change in the family bank at the end of each day. Children who get an allowance might contribute some of that money to the family savings program. Any savings made by using coupons or buying items on sale could be put in the family bank.
These three steps will allow you to get your family started saving immediately. It is important to get started as soon as you arrive at the bank.