This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.

SCAM ALERT: Some SLFCU members report they are receiving fraudulent emails appearing to come from Geek Squad that direct them to call a phone number to avoid their computer being compromised. If you receive such an email, do not reply or call the number within it, and delete the email immediately. Also, as a reminder, SLFCU will NEVER email, call, or text you to ask for your online banking credentials, your PIN, or to request a transfer of funds.

The 2023 Annual Membership Meeting notice is now available. Click here to learn more.

View Alert
View Alert
Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
Online Banking
Manage a Home Loan
Manage a Student or Consolidation Loan
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.

Go to main navigation