Teaching kids about the value of money and saving at a young age can help them become financially responsible as they get older. If you’re unsure of where to start, here are some simple ideas you can use now to incorporate money lessons into your child’s everyday life.
Ready, Set, Grow
A common tool to help kids save is the piggy bank, which can come in all shapes and designs, so try choosing one that works best for your child. For example, if your child is more of a visual person, then a clear piggy bank or jar can help motivate your child to save more because they will be able to see their money grow in action. But if your child would rather have one that’s colorful and playful and it will inspire them to use it, then that’s fun, too!
Mini-Me
Kids are very observant, so by setting good examples for them, they might pick up on some of your financial habits. And not only are they observant, but they’re also curious. So, the next time you’re withdrawing money or checking out at the register, explain to your child what you’re doing to help them understand why you’re doing what you’re doing.
Money Management
Having an allowance is a popular way for children to learn the basics of budgeting, but it can also present teachable moments. For example, if they made a rationing mistake and end up running out of money, they’ll have to learn how to be patient and wait until their next allowance to make their purchase. As kids learn, their money management skills will improve.
Have Fun
There are plenty of games that encourage money management skills, such as Monopoly. It’s a fun way for the entire family to be involved, and your child may not even realize he or she is learning!
Did you know that First Mid has a Kid’s First Savings account? This account is a great tool to help build a savings balance and learn about money. For more information about our Kids’ First savings account, click here.
