Teaching your children to save is an important step in preparing them for a financially responsible future. In honor of Financial Literacy Month and Teach Children to Save Day, Thursday, April 25, we encourage you to look for simple ways to pass along your financial savvy every day, such as:
- Make it Fun! A great way to get kids excited about managing money is with an activity or story. Visit mvsb.com/KidsSave for some of our favorite resources and printables.
- Count your pennies. Let your child help you prepare a deposit, check out at the grocery store, or count the coins in your change jar.
- Set the example. Children tend to emulate their parents’ personal finance habits. Show your kids how you are a responsible money manager by talking to them about paying bills on time, being a conscientious spender and an active saver.
- Talk about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them.
- Explain the difference 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 the bank to make deposits, so they can learn how to be hands-on in their money management.
- Let them make mistakes. As they get older, give them responsibility over how they manage their money. When they make a mistake, use it as a teachable moment to discuss the right way to handle money.
And most importantly, don’t forget to congratulate their accomplishments along the way. Growing savings is a BIG deal – celebrate milestones and acknowledge their good habits!
If you’re interested in opening a Youth Savings account for your child, stop in to any branch and one of our caring branch service representatives would be happy to help.
We also proudly facilitate School Savings bank-at-school programs at 8 local elementary schools – Ashland Elementary School, Campton Elementary School, Holderness Elementary School, Inter-Lakes Elementary School in Meredith, Moultonborough Central School, Russell Elementary School in Rumney, Sandwich Central School and Wentworth Elementary School. To participate, have your child pick up an account packet at their school’s bank day or stop by any office.
