5/28/2017

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The Whole Family Should Get Involved
Saving money should be a family affair

You, your spouse, your children, and anyone else living in your household should take up the mantle of saving money. It will be great for your financial health and a valuable learning experience for your children.

Make saving a goal for everyone and hold them to it. By involving the whole family, it can be fun and enjoyable. Not only will your children get excited about it, it will give you the impetus to make and meet savings goals of your own.

Most of us know that we should start saving as early in life as possible but saving money isn't always that easy. It's not that we don't want to save but we may have extenuating circumstances that may make saving money very difficult.

For example, many people are out of work due to layoffs and a tight job market. Some can only find part time work while others are working but making minimum wage or less.

In many areas, the cost of living is very high. You may have a high mortgage payment and high property taxes. High rent, food prices, utilities, gas, clothes, sales tax, and other expenses can also be burdensome.

Living expenses often outweigh the ability to save, but that doesn't excuse us from making the effort. The main thing is to start saving money today. Even if you can't save as much as you would like, you can save a little every week, and before you know it, you will have a decent amount of money put away.

If you've already starting saving and investing accounts for you and your family, that's great, but you can always add more to that amount. The more you contribute to your weekly or monthly efforts, the better off everyone in your household will be in the long run.

Saving doesn't have to weigh you or your family down. If you or your children don't have a savings account, start with a piggy bank, a cookie jar, or an envelope.

Or you can open a savings account for each of your children at your bank starting with the minimum amount of deposit the bank will allow. Pennies, nickels, dimes, quarters, and dollars are all great for getting started and teaching children the value of saving.

If you are working and your employer is affiliated with a credit union, join it and have money taken out of your pay every week. It doesn't have to be a lot but before you know it, you will see that it will begin to add up.

The way you treat your family's attempts at saving is also very important. You have to influence them to look at it as one of their life's priorities. Teach them to treat their savings as if they are paying a bill to themselves and the money should not be touched afterwards. This may be hard to do, but it can be done.

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