Which is why it’s so difficult to teach them to save money. But that doesn’t mean it’s not worth trying. If your preteen hasn’t started down the road to savings, here’s an idea to help her get started:
> Start with a $20 deposit into an interest-bearing account. Search for 1 that offers 3% or more, like the Charles Schwab Investor Brokerage Account.
> Then offer her the choice to deposit $20 monthly of her own money or receive a matching $20 from you to double the savings. If she starts this program at age 10 and continues until she’s 21, she’ll sock away more than $3,100 on her own, or about $6,250 with your “matching” donation.
Who knows? It could be enough to get her on her feet and ready for life after college graduation, as well as get her excited about taking advantage of company-sponsored savings programs when she eventually joins the workforce.
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