When it comes to saving for the future, there is no time like the present!  

Teaching your child to save for their future can be just as important as saving money for them yourself. When your child is old enough to start earning their own money, teach them how to balance saving and spending responsibly. Talk to them about what they want to spend their money on and how they can save for their goals. When your child begins to earn or receive money of their own, you may also want to consider opening a bank account for them. A Youth Flex Chequing Account is a perfect option for a child who is about to start their first job or who has some money they need to deposit into a bank account. This account is specifically designed for youth with no account fees for anyone aged 25 and under.

From May 19 until July 17, 2026, when  your child opens a youth account with Provincial Credit Union, they will receive $100 in their new account and Provincial Credit Union will donate $50 to a local charity on their behalf.  

If you want to put money aside for your child’s future, whether it is to help pay for their education or other future expenses, the earlier you start, the more time your money has to earn interest and grow. One way to save for your child’s future is to build it into your regular budget. Setting up automatic weekly or monthly contributions can help you consistently put money aside over time. This approach allows you to save gradually, without needing to come up with a large lump sum all at once, while contributing an amount that fits within your budget. 

If you know you want to help your child with their future education expenses, a Registered Education Savings Plan (RESP) is a great option. This plan was specifically created to help families save for their child’s future education, with tax-free growth. One of the biggest advantages to an RESP is that up until your child turns 15, your first $2,500 contributed to the plan each year is eligible to be matched, up to 20% through the Canada Education Savings Grant.Read more about RESPs here.  

To save for your child’s future without the money necessarily having to go towards post-secondary education, you can choose a different investment option such as a savings account or a TFSA under your name. Every family’s situation is different; book an appointment with one of our Financial Services Officers to get advice on what investment option will work best for your goals and finances.