National Teach Children to Save Day is April 22
Posted on: April 21st, 2021
Each year in April, National Teach Children to Save Day encourages children to develop good saving habits.
Bankers across the country are happy to teach children to save. Developing these habits at a young age creates a foundation for a lifetime of saving. Involving children with a savings plan and money management skills prepare them for a solid future. Parents should teach children about financial matters so that when they head out into the world they avoid pitfalls that can be financially devastating. With an early start on saving and an understanding of budgeting their money, children will have solid habits as they head into adulthood.
HOW TO TEACH CHILDREN TO SAVE
It’s easy to start projects at home that encourage your children to save. Help your children develop the skills they will need for a lifetime. Try these tips to get started.
- Give each child a bank. It helps if the bank is clear so they can see their savings grow. A Mason jar is perfect for this and they can decorate the jar to personalize it.
- Open a savings account through Clear Mountain Bank either online or at any Clear Mountain Bank branch. They can monitor their account and watch it grow.
- Show them what things cost. When they want a new toy, direct them to their savings. Ask them to consider whether the toy is worth the amount they want to spend. If they still want to purchase the item, have the child pay. The act of paying with their own money will demonstrate to them the cost of the toy.
- Demonstrate need versus want. Explain how our food, clothing, and shelter are necessities. However, we can live without going out to eat or buying a new television or the latest phone. Place the needs before the wants even in your daily shopping.
Sponsored by the American Bankers Association, National Teach Children To Save Day has been helping young people since 1997 when the program started.
* This article was published by nationaldaycalendar.com