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Teach Children to Save
HOW TO SAVE MONEY
Quick tips to help your kids start saving while building smart financial habits.
TIP #1
Pay "Future You" First!
Once your kids begin earning money, have them get in the habit of “paying future me” first. Teach them to set aside a portion of their earnings in a savings account for the future. It’s okay to start small and build over time!
TIP #2
Set Your Savings Goals
Set short-term and long-term savings goals to stay motivated. Short-term goals could include things like a video game, bicycle, or movie tickets. Long-term goals could include things like a laptop, car, or college.
Can you help me find my savings?
Help! I’ve lost all of my money on the farm! Can you help me find my savings? Download my ‘Savings Scavenger Hunt’ to help me out.
Knowing the difference between needs and wants can help prioritize your spending. Next time you go shopping, talk about which purchases are needs, and which ones are wants. You can even track them as a good learning exercise!
TIP #4
Planned Purchases
Making impulsive purchases can lead to overspending on items that aren’t really needed. Practicing patience and making planned purchasing decisions can help kids avoid risky spending habits, and teaches them to make smart financial decisions.
Get started today!
Your kids can start saving right now with their own savings account! Click below to learn more about our savings account offerings, or how they can get rewarded for good grades through our Books & Bucks program!
