It can be a daunting task to teach your child about saving money, but with a new year it’s a bit easier to introduce new resolutions you can plan with your children. Here are 6 easy ways to teach your kids about saving money:
1.) Make it fun for them to learn about money.
At CTCU we want to make sure the process of saving money is both educational and fun for your child. With new membership punch cards, power pack, coloring contests and super days your kids experience their money in a fun way. Bring the fun home with games like Monopoly, help teach kids about money and spending, while making it fun. Try making up your own games to create even more fun with your kids. See all the fun we have to offer for our Kids Club.
2.) Let your own actions show your kids how to save money.
Make sure they know that you’re saving money as well, whether it is in your own change jar or a savings account.
3.) Allow your children to earn their own money to spend and/or save.
Especially for older children, let them work a summer job (babysitting or yard-work) or even chores around your home.
4.) Set goals.
Knowing what they’re saving for will motivate your children to want to save their money. Whether it’s a new toy or book, a goal helps kids to have something in mind when putting their money away.
5.) Teach them the difference between needs, wants and wishes.
This will help them later on down the road and hopefully teach them how to spend (and save) wisely.
6.) Take your kids with you on grocery shopping trips.
Let them see the costs of what you purchase and explain the different ways you save money (couponing, unit price, etc.).
If you’re interested in helping your kids learn about money head to our Kids Club to find out more info about opening a saving account for your children.
*The information above is not meant to be and is not financial advice. CTCU provides financial education and tips only. This information is not the advice of a paid certified financial adviser.
* Financing subject to credit approval.