Did you know April is National Kids Savings Month? If you haven’t started the financial conversation with your kids, this is a good time to get the ball rolling. The knowledge they gain now, will be invaluable to them in the near future.
Tips to Teach Kids the Value of Money
Start the conversation early – The moment your kids become aware of money, that’s the perfect time to open the floor for discussion and that could be as young as 3 or 4 years old.
Lead by example – Let the kids see you in action by showing them how you use money, preferably cash. This helps them understand the concept of a two way transaction.
Take them to the bank with you – I know with increase in internet banking you hardly make a visit to your local bank but it’s imperative to show the kids the back end of the operation. So next time you’re making a deposit, take the kids with you. Let them see you put money in, explain to them how it’s earned plus this will an excellent time to discuss the concept of savings and deposit.
Let them know that saving money is cool – This can be achieved by creating activities around saving and spending. Give your child a dollar and let them buy something while at the grocery store, explain to them the difference between want and need and how to save for raining days.
Look into opening a youth savings account – We recently stopped by Boiling Springs Savings Bank to learn about their Boiling Bucks Youth Saving Account. It is designed to teach young kids the value of money. The minimum required to open an account is $1; however as a special incentive, the first $10 deposited into the account will be matched.
Check out this short clip on the importance of teaching kids the value of money
Boiling Springs Savings Bank has location all over NJ, stop by to find out how they can help you reach your financial goals.
Disclosure: This post is sponsored by Boiling Springs Savings Bank. However, all opinions are mine. Boiling Springs Savings Bank is Member FDIC.