5 Ways to Teach Savings
April 27 is Teach Children to Save Day. What a perfect day for all of us to talk to our kids about savings. If you’re not sure where to start, you’re in the right place.
“At Marion County Bank we have a team of people that truly find joy in connecting with families,” said Lisa Walters, Senior Vice President Retail Banking Officer. “They find energy in knowing they play a part in impacting the lives of those they meet with.”
Let’s impact those children together by reviewing five strategies that can be used to introduce them to the wonderful world of saving.
- Earning a wage for chores — Allowances can be great, but tying those allowances to chores can teach children the importance of earning as well as saving. Paying children to complete their chores will teach them responsibility. Have them set a goal to save up to buy a specific item — a toy, video game, outfit, etc. By saving their earnings, they will see how hard they worked to achieve that goal. This tip pairs well with number 4.
- Piggy Banks — A great way to introduce children as young as preschool age how to save is by using piggy banks, which come in a variety of fun shapes and sizes. As kids receive cash gifts from loved ones, have them store it in their piggy bank. Taking time to periodically count how much they have saved can be a powerful first lesson on the importance of saving.
- Play Games — There are many board games that teach kids about money. Have a family game night and sit down to play a financial-themed board game that will help them learn how to count money, make transactions, budget and more.
- Savings Contest — Kids generally love competition. If you have two or more kids, have them compete each month to see who can save the most. Reward the winner with a prize. If you only have one child, have them set a goal to save a specific amount by the end of the month. If they reach their goal, give them a reward.
- Visit the bank — Bring your children with you to Marion County Bank! Bring their full Piggy Bank with you and watch the coin counting machine. Then help them put that money into their very own account.
Anything you can do now to help promote financial responsibility will pay dividends for them as your children get older. Try out some of these strategies to instill the habit of saving in your children so they can be better equipped to reach their financial goals in the future.
Learn More About Savings:
Savings Coloring Pages (Contest closes 04/27/23 at 12pm)
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