1. Start saving early
It’s never too early to get a jump on saving, no matter what your age. Whether it’s candy, a special toy or a new video game, teach your kids the value of delayed gratification by encouraging them to save for the things they want.
2. Teach kids about budgeting
The sooner kids learn how to manage expenses, the better. Give your kids an allowance and explain to them that once they’ve spent it, it’s gone until next month. Show them how they can stretch their dollars to last all month.
3. Consider opening an RESP
A Registered Education Savings Plan (RESP) is a great way to save for a child’s post-secondary education. A parent, grandparent, spouse or common-law partner can make contributions to the plan. These contributions are not taxable, as long as the money stays in the RESP. When it comes time for the beneficiary of the plan to begin their post-secondary education, the accumulated funds can be used to help finance their schooling.
4. Model the right behaviour
Kids learn by watching, so demonstrate the right financial behaviours for them. Encourage saving, show them the family budget, and avoid those impulse purchases.
For more information about Casera’s young member services, contact your neighbourhood branch or check out our website.