When it comes to putting away money for your family, you may find it helpful to have different savings strategies in place for each of your initiatives. For instance, how you save for a new washer and dryer may be different than how you save for your annual insurance premiums.
Involving your children in some of your savings strategies teaches lessons in personal finance that can last a lifetime. If you're looking for a way for the whole family to participate in saving, a vacation fund might be a good place to start.
Start by explaining that saving for a vacation beforehand helps you use interest to grow your balance and keeps you from paying interest on debt later. To involve your children in the planning process, sit down together and brainstorm expenses you’ll have on the vacation, like airfare, accommodations, transportation, food, and so on. Let children be part of making decisions about dining out, for example, or whether one expensive activity is better than doing several lower-cost options. Decide how they will pay for souvenirs and special treats; will those be part of the vacation fund or will they pay for those on their own?
Ally Bank has a range of products that can easily fit into the savings strategies of any financially savvy family. From the Online Savings Account and Money Market Account to a wide range of CDs, we're committed making saving as easy, secure and rewarding as it can be. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.