Saving money

The Next Big Talk: Saving Money

We like to say good habits start early. If your teen is ready to move past the piggy bank, take this opportunity to teach them the importance of saving money, starting with these simple tips.

Save a portion of paycheck

Rules of Thumb

  • Always have cash savings on hand in an account
  • Invest money to make money
  • Save 10% or more of each paycheck or allowance
Secure accounts

Benefits of a Credit Union or Bank

  • Safety and security
  • Earned interest

3 Money-Saving Tips

Savings / Early Savers
Set up monthly automatic transfers from checking to savings.

Interest Rates / Increasing
Open a short-term CD to save and earn interest.

Create a separate savings account for cash gifts from family or friends.

Having the "next big talk" is as important as any other life challenge, and we're here to help you and your teen along the way. We've created The Money Talk guide, using real-life examples, to make it easier for parents to help their teens get familiar with finances and jump into adulthood with a sense of financial independence.