Tuesday Tip: Teach Your Children About Money

TIP: It’s always the right time to teach your children about money. Begin by including them in your daily financial transactions.

Today, the American Bankers Association celebrates Teach Children to Save Day!

Teach Children to Save is a national campaign that raises awareness about the important role that banks and bankers play in helping young people develop lifelong savings habits. The program has reached 4 million young people with the help of some 97,000 banker volunteers through its annual awareness day and the Teach Children to Save website.

Here are some tips that can help parents teach money at home.
1. 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!

2. Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.

3. 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.

4. Open a savings account at your local bank for your children and take them with you to make deposits for hands-on learning.

5. 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.

For more information about teaching kids about money, check out the Kids & Money section of the Believe website!

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