Teach Children to Save Day
April 24th is Teach Children to Save Day! Teach Children to Save is a free program geared toward grades K-8 offered by the ABA Foundation. This annual program organizes bank volunteers throughout the year to help develop important saving habits for the youth.
Listed Below are a Few Tips from American Bankers Association on Teaching Children to Save
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you question 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 Midwest Heritage 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.
The early development of saving and money management skills can make a big difference as they enter into adulthood. Click here to find more valuable tips, lesson plans, and activities that you can use with your children.