The “Four-Gift” Rule for Kids: Something You Need
There’s a four-gift rule rhyme I learned that really helped when making holiday gift lists to share with family and friends for my own young child (you may know a variation of it). It goes, “Something to share, something to wear, something to read, and something you need.”
While most people can hit out of the park three-out-of-four: Read=Books, Wear=Clothes/Accessories, Share (Toys/Craft Projects/etc, it’s the “Need” category that can have most people stumped.
A need can come in a lot of forms based on the age and development stage of any child, so is there a universal gift that could possibly fit this category? We believe one of those gifts that could benefit any child during the holidays is opening (or contributing) to a savings account.
Good habits, like learning about financial education, can start early in your child’s life (once you feel ready to have that conversation). But where do you start? We recommend beginning the journey to financial wellness by opening a youth savings account.
1. Encourages Talking About Money Early in Life
Whether it’s putting holiday money in your child’s savings account, or teaching what impulse buying looks like when you’re at the store, teaching good money habits starts right at home and can take a lot of work and patience. Opening a savings account can really break the ice to begin the conversation.
2. You Can Make Learning About Money Fun
Opening a savings account is just the start to learning about money. Since we’re thinking about the holidays and giving your child something fun to open, consider making one of these Financial Learning Crafts before you open presents or make one for them and wrap it up with a great, big bow!
Speaking of fun ways to learn about money, check out our Spend, Save, Share video that can help get the conversation going on the importance of your first dollars.
3. Takes Away the Taboo of Financial Conversations
There are a few topics in every household that may make you feel uncomfortable to talk about, but money shouldn’t be one of them. There may be a hesitation at first, but the more you talk about money, you may see everyone’s financial habits starting to change for the better.
If your child has a question about money that you’re not sure of, don’t hesitate to tell them that you don’t know the answer, but you can find out! The team at Together Credit Union is always ready to help find the answer. Think of us as your backup financial education team. We even have a section of Financial Education Resources that can kickstart your research!
Want to learn even more? We have a list of upcoming workshops leading up to the holiday season. (This section of the website is always getting updated, so make sure to check back to see what else you can learn throughout the year!)
You Can Open a Youth Savings Account with Together Credit Union
Together Credit Union has a lot of great savings account options for your child. Anyone ages 0-21 qualify for a Youth Savings Account. Visit our Youth Savings page to learn more.
We even have a special Earn and Learn Savings Account for anyone ages 0-21 to help you focus on your savings goals.
A “Good to Know” note: During the month your child turns 22, their youth account automatically transitions to a regular savings account.
Your child’s member number and numbers associated with their savings account do not change.
We’re with you, every step of the way. We believe in empowering members, so you can achieve your financial goals—whatever they may be.
Become part of the Together Credit Union family today.
Read more About Us.
Get started opening your Youth Savings Account.
