National Teach Children to Save Day is April 22. Below are some simple ways to engage your children and start the discussion about the importance of strong saving habits today!
1. Budgeting: Either help your child create an age appropriate budget, or let them be a part of the family budgeting process. Learning these skills early on sets kids up for financial success later in life.
2. Needs vs Wants: Make a list of items yoru child uses daily and let them decide if each item is a need or a want and discuss the reason behind putting needs ahead of wants when it comes to saving and spending. (Shoes = need, Tablet = want, etc.)
3. Open a Savings Account: Bring your child to Marion County Bank to open a savings account in their name and dedicate a certain amount of money each month/week that will be deposited into the account. Discuss what the money could or should be used for in the future.
4. Set Savings Goals: Let your child pick an item they want to buy and help them set goals to save enough money to make the purchase.
5. Pay it Forward: Help teach your child the importance of saving money to help others, even a small act of kindness can count. Ask them if they have ideas on who, where or what they would like to "Pay it Forward" to with their own money.