Smart Savings for All Life Stages

There is no doubt that in today’s low interest environment it is challenging to put your money to work for you. In addition to finding the right financial institution that is going to offer the best possible return on your deposits, it is also important to determine the best savings vehicle for your current life stage.

Your savings needs typically vary a great deal as your life and circumstances change. No matter where you are in life -- whether you are a child, teen, young adult or retiree – it is vital that you learn which savings options are best.

Youngsters: Type of account: Basic savings account with a parent

It is never too early to begin teaching your little ones about the value of saving. (OK – maybe you can wait until they can talk.) Many financial institutions such as AltaOne offer savings accounts for children, as well as programs to help them to understand the basics of money management. AltaOne’s CUB Club program rewards little tykes for saving with fun gifts such as “Super Saver Capes.” It is amazing to see how quickly a child learns the value of fiscal responsibility when it is taught to them at an early age.

Teens: Savings accounts, youth certificates, college funds

As your children hit their teen years, they should already be fairly astute savers. The savings products offered by financial institutions become a bit more sophisticated for this age group. Some organizations provide interactive programs and games to help teens enhance their financial IQ. AltaOne’s Successful Savings for Teens program includes savings accounts, and even teen certificates, Visa cards and loans for those who qualify.

Young adults: online banking, mobility, online account opening

Millennials (18-34 year old consumers) have grown up on technology. Many have yet to realize the value of face-to-face interaction with professional credit union representatives. Therefore, most quality financial organizations provide online banking services that include mobile apps, BillPayer and online account opening.

Thirty- and forty-somethings: Money market savings account, certificates

As consumers enter their thirties, they are raising families, purchasing homes and realizing a greater need to save for their future. This is when products such as money market funds and certificates should peak your interest. This is also a good time to begin scheduling regular financial “check-ups” to better understand the best long-term options for your needs.

Fifty-plus and retirees: High-yield savings account

Hopefully, as you enter your fifties and beyond, you have been able to manage your money wisely and are in a position to set yourself up for a relaxing retirement. This is the time when solid wealth management advisors can help. They may recommend a variety of products to fit your needs, such as securities, variable and fixed annuities and retirement plans.

As you can see, there are numerous savings products available. These suggestions are certainly not etched in stone. Conduct some research, chat with the pros at your financial institution and determine for yourself what is best for you and your family throughout your life.

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