Kids’ adventures in saving should start early and happen often. Encourage kids to explore the wild world of saving and see just how far their imagination takes them.
Increase their money know-how
Early money lessons often stick with your children as they grow into adults. For young children learning to count, start with coins and small bills. Encourage them to put their money in a piggy bank, wallet or any available container. Once the container is full, visit a Credit Union branch to deposit their change in a no-fee Coin Sorter. Elementary school-aged kids may not yet understand the true value of saving, but you’re helping them build a foundation for accumulating wealth.
Another teachable moment is to listen to what your child has to say about spending and saving money. For instance, our “Kids Talk” video is a candid and humorous look at how youth relate to money. Use the video as a starting point to share your family values and insights about finances with your children.
Smart saving lessons for any age
The grade school years are a good time to talk about needs versus wants. Highlight the difference between buying what is needed now and saving for what your child may want later. A child and parent financial contract helps hold children accountable for the money you give for allowances, or for borrowing or sharing the costs for their wants.
Continue the money lessons into the middle school years with a field trip to a branch to learn how children’s savings accounts work. This is a great way to make your youngster feel like a big kid. You and your children can track how dividends make their funds grow over a given period.
With age comes more money responsibilities. The teen and young adult years bring more discoveries of how to manage finances. That’s when a Zard Account can help. A teen account meets the needs of this age group by offering savings and checking accounts, and a debit card.
Hopefully, your children are truly wild about saving and regularly deposit money from birthdays, holidays or part-time jobs into their accounts. Dividends earned can be a good motivator to help children stay focused on reaching goals like buying a car or a new toy.
Learning to save now could be a life-changing event for your children. As they learn to live within their means, they increase their chances of a more financially secure future.
The advice provided is for informational purposes only.