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Wells Fargo offer tips to keep holiday spending under control
“As young people become more and more active as consumers, we need to make sure that they become responsible spenders and savers, and learn how to manage their money,” said Kim Young, Wells Fargo’s Southern California Regional President. “This holiday season is a great opportunity to do this, as parents and grandparents can incorporate financial education into something fun like holiday gift shopping.”
These simple tips can help keep your spending on track while teaching your kids financial habits that they can use year-round.
“Edit” your gift list. Have a frank talk with your friends and family. You may be surprised how willing they are to pare down their gift lists, limit gift-giving to home-cooked treats or throw a holiday pot-luck get-together in lieu of gifts. A thoughtful gift doesn’t have to mean expensive. If you have a large family, consider drawing names – at least among the older children and adults – so each family member gives to just one person.
- Wells Fargo offers the saving incentive program, Wells Fargo’s Junior Agent Saver Club. This program is designed for children ages 5-12 who have a Wells Fargo savings account.
- The tools provided give parents the chance to help their children track their savings, set goals and earn awards.
- For teens, Wells Fargo offers Teen Checking for ages 13 to 17 with an adult co-owner, specifically designed to help parents teach their teenagers good money management skills.
- For everyone, Wells Fargo offers the Ways2Save Savings account. Customers can make deposits anytime/anywhere and utilize My Savings Plan to help them track their savings goals.
- Ways2Save Savings also offers a variety of automatic savings options designed to help you develop regular savings habits and meet your financial goals today and in the future.
Use free resources to teach financial education — There are many free and reputable places where you can find more helpful guidance to teach children about saving and finances. Wells Fargo offers Hands on Banking®, a free, fun, interactive money management program. The Hands on Banking program (http://www.handsonbanking.org) teaches the money skills needed for all stages of life from youth to the teen years to young adulthood to adulthood. It is also available in Spanish as the El futuro en tus manos® program. The Hands on Banking curriculum for school-age students meets or exceeds national and state education standards for economics, financial education, mathematics and English language arts. Wells Fargo also offers a children’s financial success resource center (www.wellsfargo.com/family) that helps parents plan for their child’s financial future.
Keep focused when you shop – Teach your children to avoid impulse buys. With advertising and sales enticing you to buy, it’s easy to go overboard. Especially for larger purchases, think it over for 24 hours. Be confident that this is an item that you really need and can afford.
Make a plan to start saving for next year — Starting with your first paycheck – and your kids’ first allowance – of 2012 and set aside a specific amount for deposit into a savings account. Start saving now and you could have your holiday shopping money saved before the first decorations hit the stores.
This year, make a holiday resolution to keep spending on track and start the New Year on the right financial foot – for everyone in the family. It’s a great gift for you and for your kids – and it won’t cost a dime.
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