Kids and teenagers might not have the experience and the realizations to consider saving and managing money – part of it is because it’s not a priority yet. But managing your money is not just about earning and saving; you will also gain positive habits. These habits you will develop will be your foundation in managing your resources as you grow.
One way to do it is by starting a youth account, but what is a youth account? A youth account is a savings account for a minor supervised and handled by an adult. The minor’s parents or guardian typically handles the account.
Owning a youth account is one thing; maximizing it is another. To help you out, here are ways to maximize your youth accounts:
1. Create a System and an Agreement
Coordinate with your parent or with your guardian to open your youth account. After your account is made, create an agreement for your account. Certain rules can be imposed on your account, like a withdrawal limit. Settle an agreement with your parent or guardian on how much you can withdraw at a time.
Another agreement could be, what circumstance can you use your savings account? Also, where can you use it? These factors are always considered as you are still under the supervision of an adult. Agreements like this will create a system for the management of your account.
2. A Purpose and a Goal
Now that you have an actual platform to save money, find purpose. Give yourself a definite answer to why you save money and what you will use it for. The answers to these two questions will determine your drive and motivation to commit to this account fully. Now it is all about maintaining after you make your account.
Having a purpose for saving money can push you to develop good habits in saving money. These motivations will make you understand the difficulties of earning and maintaining money.
3. Control the Spending
Creating an account will allow you to handle your money physically. Always take note of the things you buy and ensure you will be left with something. Your ability to be wise and disciplined will be a major factor in controlling your spending. Discipline gives direction as you save with our youth accounts, which will keep everything in check.
Having control over your spending tends to be difficult as a minor, and you will have limited resources. Most minors don’t have a regular income which plays a big factor. That is why controlling your spending can motivate you to keep your youth account positive.
Start them Young
Adults are not the only ones with the capacity to save money. Youngsters can do it as well. The youth tends to be impulsive and rowdy in handling money, but platforms like youth accounts can help their growth. It’s not just a savings account but a training ground for young people to be responsible and accountable.
Earning money is difficult. Learning to save young will condition your mindset to value your resources. Gaining discipline with your priorities and responsibilities at a young age will make you a wiser and smarter person in the future.
Owning a youth account might be a small step on paper, but it is a huge step in your growth. Some adults never got the chance to have that experience of saving and managing money in their youth. If you can open your youth account, take advantage of it, and don’t take it for granted. Integrate that account into your life, and make that your own.
