It is so important to begin teaching our children, nieces and nephews, and grandchildren the value of a dollar and how to make their savings go a long way. We’ve gathered tips to help you and your loved ones begin talking about money and how to save.
Starting to save at a young age will help kids see the power of saving.
One way for them to see their savings add up is a clear piggy bank. It’s nostalgic, and they will visibly be able to see just how much they are saving! Visit any of our branches and we’ll get you one!
Don’t simply give allowances to your kids.
Have kids earn their allowances by doing chores around the house so they can understand the value of a dollar. For example, doing the dishes, taking out the trash, mowing the lawn, babysitting, etc.
Set an example.
Find teachable moments to show your kids how you save and spend. For example, making coffee at home Monday-Thursday to save money and treating yourself on Friday for a latte.
Let them help with planning and shopping for groceries.
Set a budget for a grocery trip, have your children help you create the shopping list and go shopping together. This will not only teach kids how to budget, but will also show them not to waste food since they know the cost of each item.
Set goals and guide them through making budgets.
If you have a vacation coming up, or your kid wants to save up for sports or something special for themselves, help them create a goal, and budget how they will achieve that goal.
Open a checking and/or savings account.
Teaching your kids how to be financially successful is extremely important. Once your children start earning money, they should learn how to manage a bank account, not spending more than they have, and begin understanding the U.S. credit score system. North Side Bank & Trust offers free checking accounts with no maintenance fees. To learn more about our checking and savings accounts visit any of our local branches, and to read more about credit scores visit Experian’s website here.