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Personal Finance and Investing

Sunlei

(22,651 posts)

14. Instead of a cash gift start a savings account for them that pays some interest.

Reply to steve2470 (Original post)

Mon Jan 12, 2015, 11:13 AM

Jan 2015

Not many banks pay more then about 1% these days, but there are banks that do pay about 1% and have no fees at all.

Then the young person attaches that small savings account 'gift' to their personal checking account and can withdraw/deposit more funds. Encourage them to auto-set checking account even $5 a month to savings.

Encourage savings and 'interest earnings' early, this makes a huge difference in a persons life.

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16 replies

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Highlight:

Economic survival advice: what would you tell young people these days ? [View all] steve2470 Nov 2014 OP

I'd tell them never to use a debit card to pay for things. SheilaT Nov 2014 #1

nothing like the feeling of hard cash leaving your fingers lol steve2470 Nov 2014 #2

"Pay yourself first" A HERETIC I AM Nov 2014 #3

good advice ! steve2470 Nov 2014 #4

One thing to look into is a rewards type credit card A HERETIC I AM Nov 2014 #5

more good advice, I have one myself, thanks ! nt steve2470 Nov 2014 #7

I tell them to put as much down for those big-ticket items as possible--..... lastlib Nov 2015 #16

I want to emphasize how important it is to pay as many things as possible with cash. SheilaT Nov 2014 #6

I gave him my old car, totally paid off and totally fixed up to boot steve2470 Nov 2014 #8

Excellent! SheilaT Nov 2014 #9

Two things jeffrey_pdx Nov 2014 #10

good advice ! nt steve2470 Nov 2014 #11

I wish someone had gave me that advice. jeffrey_pdx Nov 2014 #12

Just from personal experience jeffrey_pdx Nov 2014 #13

Instead of a cash gift start a savings account for them that pays some interest. Sunlei Jan 2015 #14

What others have said about saving. SheilaT Jan 2015 #15