Get a Head Start on Teaching Your Kids to Save

As a parent, you teach your child many things; how to behave in public, how to talk to others and the importance of being polite. You pass down certain personal traits to your kids as well - maybe a love for sports or a love for animals. As a parent, your number one goal is to teach your child to become a functional adult. One important aspect that can get overlooked is teaching kids the importance of saving money. If you haven’t started yet, fear not. As April is National Youth Saving Month, we thought we would share some tips on teaching your kids to save.

Understand the Value

The sooner a child can understand the value of money the quicker they’ll understand why they should save it. One way to teach this is to have them save up for a new game or toy they have had their eye on. They’ll learn to work toward their goals, how to use money, and that it takes time to get what you want.

Create a Game

Another way to teach kids to save (which is especially helpful with younger kids) is to make it into a game. Create a reward system for every time you child puts a certain amount into savings. For example, if your child gets a weekly allowance of $10, have different rewards if they decided to save $2, $4 or $6. These rewards can be simple such as your child gets to pick out dinner, or gets to choose the next family outing.

Check out our Starfish Savings Program

At First Choice Credit Union, we offer a program specifically designed to help teach kids the value of saving money. The Starfish Savers Club was created for kids 12 years and younger to learn how to save while rewarding good saving habits. Each Starfish Saver gets a coin bank to make their deposits, and with every deposit the child makes, they get a gift from our treasure chest.

Image by digital internet via Flickr

Teaching your kids the value of saving is very important. Many parents wait too long before teaching their kids to save their money. Start teaching your kids while they are young so that they develop good savings habits now and even better habits in future!