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N&R-Kids,Teens & Money-1000 Goal

Your Child’s Savings Goal: $1,000

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!

Age Savings
6 $120
7 $240
8 $360
9 $480
10 $600
11 $720
12 $840
13 $960
14 $1,080
15 $1,200
16 $1,320
17 $1,440
18 $1,560

Consider these tactics to help your child reach his or her savings goal.

  • Match amounts that your children save – if they put $5 into their savings account, deposit an additional $5.
  • Encourage them to deposit a portion of any money they receive – birthday money, allowances, and paychecks.
  • Find fun, educational resources with the SLFCU Savings Laboratory. Members from ages 3 to 12 can earn prizes for depositing money to their account.
  • Review your child’s progress. Check account balances together to see if your child is on track and, if not, discuss how to get there.
  • Have your child share his or her savings goal with friends and family – they may be willing to help.
  • If you plan to contribute to your child’s savings goal, set up automatic payments from your account into your child’s.

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.

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