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The Benefits of Saving

July 18, 2022

Image From: aleksandradavydovphotos/Canva Pro

Article By: Kelly Kirk-Xu & Emily Stevens

Many parents have encountered that dreaded question “But, why?” at one point or another. Sometimes, these questions can cause you to draw a blank. Trust me; we’ve all been there- done that.

As a matter of fact, your future money master may have asked that “why?” question enough even to have you begin questioning the benefits of saving. You know that building good saving habits is an excellent investment in your future, but have you ever taken the time to consider why that is?

If you have found yourself contemplating just how beneficial saving up your hard-earned cash is,  Walt the Vault is here to help you. There are so many great reasons to save your money, including:

  • It prepares you for an emergency. Life is unpredictable- we all know this. As an adult, you may encounter emergencies that require you to dip into your savings, such as health issues, job loss, or natural disasters. Teaching your child about building a safety net for emergencies will be a great way to help them build a happy, wealthy life.
  • It can allow you to do the things your dreams are made of. Whether you’re dreamy of an island getaway or your little one is dreaming of a magical trip to Disney World, building a vacation savings will be a great way to get there!
  • It can help reduce your debts. Keeping some extra money tucked away will be a great way to prevent over-using your credit cards and falling into a pit of debt that is difficult to climb your way back out of.
  • Financial freedom. Most importantly, a savings account can help reduce some of that stress you may encounter when dealing with finances. When you don’t plan, budget, and save properly, you may find yourself feeling stressed to even peek at your bank account. Get ahead of the ball with your little money master and start a savings plan today!

Another idea you can consider is asking your kid to answer their own questions.  Set up a piece of paper with a line down the middle.  On one side, you can write off the “good” things about saving.  On the other side, you can list off the “bad” things about saving.  This list can be added to at any time in the future.  It’s nice for kids to think about the pros and cons of saving, and some ideas may pop into their heads while they’re out and about later in teh week or year. 

Getting kids to think about money and setting money goals is a great practice for financial literacy.  To become future money masters, they must start practicing good habits and debating their spending options from a young age.

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