Who we are is a function of our formative years. This means that the things we learn as children are crucial. Financial education teaches us discipline and our level of discipline defines who we are. Financial education is extremely important for children, to ensure quality financial decisions as they grow.
Equipping your child with financial skills is vital. Here are 5 ways to make saving desirable and fun for your kids.
- Give them a fancy jar to save in. When the money reaches a certain amount, pay it into their bank account.
- Create family saving goals. Being part of the savings experience makes it easier for the child to learn. Teach them by example. You can take pictures of something you are all looking forward to, paste it on the wall and save until you all can afford it.
- Reward your child for saving. Give T-shirts, fun items, a coupon to permit the child to watch TV for longer hours, toys and more as rewards for reaching a milestone. Be careful not to overdo it however.
- Help your child prioritize. Write a list with him/her. Try to understand your child’s rationale for wanting the things on the list, make suggestions, and cross out things that may not be necessary after giving a persuasive reason to the child.
- Open a bud account for your child. Saving in an envelope or fancy jar can be a start but it is not efficient enough for the vision of timeless wealth you want for your child. You want your child to grow up to be financially mature and informed. No child is too young to save. Invest to assure a secure future for your child. Our Heritage Bank Bud Account comes with a free copy of a Financial Literacy comic book that teaches your child about money in a way that interests him/her.
When it comes to learning concepts like saving, visuals and physical interaction are important, especially for young children. The earlier you start teaching your child to save, the better off they will be. Educating your children on how to save is an important step to prepare them for financial responsibility and a secure future. Tell me and I forget. Teach me and I remember. Involve me and I learn.
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