Teaching Children To Save

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Believe it or not, financial habits are learned at a very young age. Many parents are seeking more information to better their own financial knowledge and situation, but they often forget or are not confident enough to pass on the lessons they are learning to their children. Remember that it’s never too late to start talking with your kids about finances but the earlier the better. Ideally you want to begin teaching them as early as kindergarten! Educating yourself, and teaching your children to save is absolutely essential for financial fitness and security later in life.

Make a Habit of Saving With Your Child Each Week
Each week, set aside a few dollars and put it into a savings account or into a piggy bank at home. Make sure you have one account for yourself and one for your child. As weeks go by, you and your child can watch your savings grow! Be sure to stick with your savings plan and only spend your savings on things you really want or need. By doing this you will not only start to save yourself, but will also help your child start to save as well!

Set a Goal. Make a Plan. Be a Saver.

  • Create a savings plan and goal. Pick something you want to save for and an amount that you can realistically save every month. Most young savers choose to save between $5 and $25 dollars a month, but save more if you can.
  • Have a piggy bank at home to make it easy for your child to add coins and bills to it in preparation for a savings deposit.
  • Bring your child to the bank and open a savings account for the both of you.
  • Plan fun trips to the bank together to make regular deposits into your account and watch it grow!

We have coin machines in each of our locations and kids just love them. Let us help you teach your little one about the importance of savings and just how easy it can be!

2017-05-18T19:42:43+00:00 May 9th, 2016|Financial Literacy, Savings|