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A savings goal of $1,000 or more by the time your child turns 18 might sound like a lot of money, but broken into small, regular deposits, it’s easily achievable. Saving just $10 a month starting at age 5 adds up to $1,000 well before age 18 – and that doesn’t even include the dividends paid on the account.
Wondering how this breaks down over time? This chart shows just how powerful depositing $10 a month can be for your child's financial future!
Consider these tactics to help your child reach his or her savings goal.
Why is it important to save $1,000 by age 18? As a teenager, your child will need to build credit, and $1,000 can get them a guaranteed loan, with no credit history needed. It’s also a great start to building emergency savings that they may need as an adult. There are other options available for those who have saved at least $500 or are just getting started with no savings at all. Check out How Can I Start Building Credit? to learn more.