Happy 'Teach Children to Save' Day!

Tuesday, April 24 at 09:15 AM
Category: Personal Finance

For 16 years now, the American Bankers Association has been reaching out to parents and their young ones to encourage good saving habits and financial education.  The program is called Teach Children to Save and each year, there’s a dedicated day to recognize the program and what it’s all about.  Today, April 24, is that day. 

There are many tactics you can take as a parent, aunt, uncle, grandparent, mentor, etc. to encourage your little ones to practice good saving habits.  To get them started, talk with them today about saving money.  Ask them if they understand what saving money means and why it’s important.  Once they understand the concept, ask them what they’d like to save money for and help them get into the habit. Here are some ideas to get them started and keep them motivated.

Make a Wish List.  Have your little one tell you what they want to save money for.  Write these goals down, prioritize them and post it on the fridge or in their bathroom mirror where they will be reminded often of them.

Open a Savings Account.  Arvest offers little ones a savings account tailored just for them.  It’s called Minor Savings.  There’s no minimum balance to open, no monthly fee, and earns interest.  Click here to learn more about this account and how to open. 

Set a Goal.  If they are saving for something in particular, create a visual reminder to help them understand how much they’ve saved so far and how far they have to go until the goal is reached.  A drawing of a thermometer is a popular method for this.

Set a Good Example.  Kids want to grow up just like their parents!  Keep a piggy bank and put money in it when your children are watching.  This will encourage them to put money into their banks.

Give Them a Pat on the Back.  Don’t forget to stay involved with your child’s savings and praise them for good work.  Tell them great job, even if it’s just a nickel.

Do you have other suggestions that you’d like to share on how to teach children to save money?  Please share by commenting below.  For access to great teaching resources, educational games, tools and financial literacy articles, visit ArvestMoneySkills.com.  To learn more about American Bankers Association’s Teach Children to Save program, click here.  
 

Tags: Financial Education, Savings
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