Kids & Money
Raising Money Smart Kids
Every year, American children receive over $15 billion in allowance, gifts and wages - reason enough to start teaching children money management and consumer skills at a young age. The following tips can make the difference between a child who grows up to be financially secure - and one who doesn't.
Teach by example: The best way to instill good financial habits is by "walking the talk." For instance, when you go shopping, include your kids in the process - planning, budgeting, and comparing prices and quality. If they urge you to buy something that is over budget, explain that spending more on the item you're purchasing today is not as important as saving up for something else you need or want in the future.
Live within your means: Children who learn to prioritize their spending learn the most valuable money management lesson: to live within their means. Reinforce the message by not jumping for the credit cards or giving extra money just because your children ask.
Encourage savings: For your sake and theirs, encourage your children to make saving a fixed category in their spending plan. Discuss goals and calculate how much should be put away each month. Break down savings into long-term, for college or a car, and short-term, for a new bike or a senior trip to Europe. If you see your children about to make a mistake in spending their allowance, let them. Better to learn on a small scale now, than lose money with big mistakes later.
It's never too early (or too late) to develop healthy financial habits. The rewards of wise money management are the same for adults and children alike - a greater appreciation of what you have, a sense of empowerment when you reach your goals, and long-term financial security.
Start Them Saving Today
Did you know we have accounts for all ages, including your children? If you want to really make a difference in their life, start them out with their own account today and add yourself as the joint owner - that way you can monitor both the savings and spending habits.
Plus, these accounts come with their own club websites! We understand we have to involve the youth, cater to them, and excite them - all part of our new approach to help reach and teach the youth in your life.
To open an account for your child, simply start an application by clicking "Join Now" from the top right corner of the page. Or stop by a branch with your child's birth certificate and social security card - we'll have them saving in no time.