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Establishing Good Savings Habits for Kids
Teaching kids healthy money management habits will benefit them as they grow. Here are a few ideas to help the kids in your life learn to save.
+ Get them a place to keep their money. It could be a piggy bank or a jar, but make sure they have a dedicated place to put all the money they save.
+ Help them set a goal and create a plan to achieve it. If there’s something special your child wants to save for, tell them how much they need to save. Then help them create a plan to achieve their goal. That may include saving their allowance, doing odd jobs around the house or researching discounts they can use towards their purchase.
+ Encourage them. To kids, a few weeks can feel like an eternity. If it will take them a while to reach their savings goal, they may get discouraged and want to give up. Encourage your child to stick with it. They’ll be proud of themselves when they do.
+ Open a savings account in their name. As kids get older and have more opportunities to earn money, they’ll need someplace other than a piggy bank or a jar in their room to save up for large purchases.
+ Set a good example. Kids learn by watching adults. Let them see you save for a specific purchase. Have age-appropriate conversations about what you’re saving for and why. Explain why you’re not using a credit card or loan to make your purchase. Talk to them about how long it will take to reach your savings goal and what motivates you to keep going.
+ Let them make mistakes. The kids in your life are still learning, so they will make mistakes. Let them, and resist the urge to say, “I told you so.” Chances are the mistakes they make will teach them powerful lessons they’ll remember for a long time.
Opening a Smart Savings Account is a great way to help the kids in your life start saving. Stop by one of our branches and speak with a Financial Services Specialist to open an account.