Estimated read time: 2-3 minutes
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Coco Warner Reporting For the first time in history, people in our society are actually spending more than they're saving. That trend doesn't bode well for our children.
Financial experts are concerned about our current spending habits. Instead of leaving our children an inheritance of wealth, we'll leave them with our debt.
So what can you do? Start planning for your future now by building up your savings.
Rob Brough/Zions Bank: "I think that the simplest formula that I could give is to simply pay yourself first."
That means before you pay your bills, buy groceries and get that shirt you've been eyeing, put as much money as you can afford in a savings account.
Rob Brough likes to use the analogy of a wedding cake to describe a savings plan. The bottom tier is for retirement. It should be the most difficult to get to. The middle is for big ticket items.
Rob Brough/Zions Bank: "And then you have that top tier of your savings cake if you will. It's an emergency fund, and really what you ought to think about having is a three month emergency fund-- enough money saved away in an emergency fund to support your immediate needs for three months."
Coco Warner/Eyewitness News: "Just like a bank's vault is designed to protect your valuables, a savings plan helps you protect your future."
And that future includes your children. Mia is eight years old and says she is putting her money in the bank because it's safer, and she can earn more with interest.
Mia/Eight years old: "So like I can be able to go to college, houses, cars, maybe buy my own stuff so my mom won't have to buy it."
Of course the bonus of saving early is you have time on your side and can let your money work for you.
"If you invest 100 dollars now and if you deposit 200 dollars monthly in your account and if the interest rate stays at 3.61, you'll be a millionaire in 77 years. So when you're 85 you'll be a millionaire."
A simple idea to help you save-- put your loose change in a jar. At the end of the year, you'll be surprised at the total.
For more information on Zions Bank Kidsgreen saving plan check the link above.
And to help you not dip into your savings this month, Zions Bank and KSL 5 will pay off your month's debt.
Add up your monthly expenses... credit cards, mortgage, car loans, personal loans. And send us the total along with your information... name, address, phone number, and your date of birth... to contests@ksl.com.
You have until tomorrow to submit your entry, then we randomly select a winner. We'll tell you if you won on Wednesday, May 24th.
