Teach Children to Save
It's never too early to learn how to become financial responsible. Teach your children how to become money-savvy by following these tips:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones. See eight ways to talk openly with your kids about saving money.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a First Steps Savings Account for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
Check out the some fun savings activities below that you and your child can do together.
For more information, visit the American Bankers Association.