As our children wrap up their last week of school at home, parents can continue their learning beyond the virtual classroom and teach some life lessons along the way.
ABC’s of money management
Teaching children the ABC’s of money management at a young age creates life-long habits of financial responsibility.
To help you get started, check out these great tips from the American Bankers Association:
- 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.
- Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
- Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
- Open up a savings account at your bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management.
- Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
With summer just around corner, this is a great time for families to start some fun savings and money management projects. Adopting good savings habits now, will definitely benefit your children in the long run.
We celebrated National Teach Children to Save Day on April 24 with our very own Stockman bankers Tony Breding and Laurie Philipps of our Conrad location. They were creative in teaching a fun savings lesson designed for pre-school to grades K-6. So, gather your children for a video tour of our Conrad bank, and some fun tips and stories about setting goals and saving money.
Teach Children to Save