Perhaps your children dream of traveling the world someday, or maybe they’d like to attend an expensive top college. Whatever their goals might be, bringing their visions to life requires hard work, a little luck, and effective financial management. To help them in their path, many credit unions offer parents a chance to open savings accounts for their little ones. If you’re considering this service, here are a few reasons why it’s never too early to open an account for your children.

Why Parents Should Open Savings Accounts for Their Kids

1. Financial Discipline

Learning to forego short-term satisfaction in favor of long-term goals is what brings financial responsibility. Having a savings account with a credit union will teach your children how to grow their resources and save up for the items they really want. This gives them the foundational skills they need to save up for houses, cars, and everything else on their future wishlists.

2. Benefits

Banks and credit unions often offer helpful programs designed to give kids the tools they need to manage their money. Some institutions even have reward programs that boost your kids’ savings while making investing fun. For example, your little ones can earn bonuses for every good grade on their report card.

3. Long-Term Success

Studies show that having a savings account dramatically increases a child’s chances of success in the future, even if the saved amount is minimal. For example, children who’ve saved just $500 are four times more likely to go to college than kids without bank accounts. Get your little ones ahead of the curve by helping them invest in their future.

With their Kids Kash program and personalized services, North Jersey Federal Credit Union is committed to helping people of all ages achieve their dreams. Since they’re owned by their members, this credit union offers the highest interest rates possible, along with a variety of account options to meet your every need. Visit their website for more on how they help children save or call (973) 785-9200 to open an account today.