Back to School: Make Financial Education a Priority
- Set a good example by paying bills on time, and being a conscientious spender and an active saver. Children tend to emulate their parents’ financial habits.
- Talk openly about money. Communicate your values and experiences, and encourage them to ask questions. Be prepared to answer their questions — even the tough ones.
- Explain the differences between needs and wants, the value of saving and budgeting, and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits so they can learn hands-on in their money management.
- Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
- Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too.
One of the best ways to begin your child’s lesson in spending and saving is to open an account for them, and take them with you to make deposits. This provides an in-person, hands on approach to money management, and sets the foundation of good habits.
Old Fort Bank’s Acorn Club Youth Account is available for young savers under the age of 18, and offers youth (up to age 16) a $5 deposit to their account each year on their birthday! For more details and information, visit our Acorn Youth Account page.
No matter how you choose to introduce your children to the fundamentals of money management, you will be teaching them valuable life skills that will last a lifetime.