Savings Tips for Young People.

Use apps for Savings

There are many apps that can help our children to start their savings, mostly free, for both Android and IOS. There are even banks that allow you through their applications to reserve a certain amount for each purchase you make, which allows you to somehow also create savings.

Compare before you buy

With purchases just a click away, our young people are even more likely to make impulse purchases, so it’s helpful to advise them to compare before they buy and probably let them learn from their own experience that superfluous shopping takes them a little further away from their long-term buying goals.

Bank Savings Options

The main banks in the country have services for the youngest to start their savings from an early age. Here are some examples: CitiBanamex Basic Account Acceptance Debit card received in thousands of establishments Accessibility Manage your money from your cell phone with Citibanamex Móvil Availability Withdraw cash at Citibanamex ATMs, free of charge. Open the account with a minimum amount of $500 and maintain an average balance Monthly minimum to exempt account management Link Card de BBVA Bancomer Proceeds They will be able to make cardless withdrawals at all BBVA Bancomer ATMs. If your child asks you for money, you can send it quickly through the BBVA Send app (you have to contract Digital Services).

Unlike Winner Card, with Link Card, you and your child can choose the design of the card and the name you want to appear on it (only when hiring on Remember that BBVA Bancomer applications do not consume your mobile phone data. Santander Junior Account Proceeds A tailor-made account for minors Ideal for learning how to save safely With a debit card for the cardholder and the co-owner No opening amount, no average monthly balance No commissions For children under 18 HSBC Minor Flexible Account Proceeds No Account Management Fees Average balance or membership HSBC Debit Card with PIN Personalized with the child’s name Take control of your HSBC Debit Cards with the Full Control App(2)

Use your Minor Flexible Account to Receive deposits Make purchases in stores Cash Pickup at HSBC Branches(1) and ATMs at no cost In addition, you can schedule weekly, biweekly, or monthly deposits to the Minor Flexible Account by debiting an HSBC Account The Federal Government through Nacional Financiera, has options for children and young people who help save and invest their money in Treasury Certificates (CETES), this is a great initiative that took place in 2010 and that today has already placed 330 thousand active contracts.

Don’t be afraid to save in a bank

In the ’80s and ’90s, many national financial problems were faced, which led several banks to bankruptcy and with it to the loss of the resources of several savers. After those events, the government acted and implemented several regulations, including that your money is protected by the Bank Savings Protection Law. Just five years ago a bank called Bicentenario declared bankruptcy and thereby put the assets of its customers at risk. Fortunately, the Savings Protection Institute faced this situation and restored customers’ savings.

Saving will always be cheaper than asking

In addition to the great satisfaction of having achieved the purchase they wanted so much, our children will be able to know the great independence that gives them be the ability to buy what they want with the money they have been able to save. Without the need to be asking us to be able to buy what they want. In the future, through the use of their first credit card, they will be able to know that the money financed is more expensive than the money they have managed to save.