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We’ve all heard the saying that are our children are always watching, so how do we ensure that our kids are observing money smart habits?
Set the example. By creating our own money smart habits, like paying bills on time, being a conscientious spender and an active saver, we are showing our children how to be responsible money managers, too. Children tend to emulate their parent’s personal finance habits.
Talk about money. By sharing our habits and experiences with money, we are able to set an example to our children. It is also important to allow our children to ask questions, so they better understand its value.
Need vs. Want Even at a young age, it’s important to help our children distinguish the difference between a need and a want. So often, our young children will explain things like, “I need that piece of candy.” Teaching them the difference will help them with their own spending and saving in the future.
Give them responsibility. As our children grow, letting them do some of their own money management can help teach these different lessons. Rather than stuffing all the birthday money into the piggy bank, allow your child to decide how he or she wants to use it. You might just be surprised!
Help them get started. To truly teach your child the value of money and saving, you will want to take the first step of teaching your child more about the bank. When you go to make deposits or withdrawals, bring your kids along so they can learn the importance. You may even want to open a savings account, so they can be a part of the process.
When we openly teach our children about the value of money, we are helping to set them up for financial success in the future. F&M Bank is committed to helping children learn more about the value of savings through our Sum Buddy’s Kids Club. With each deposit into your child’s savings account, he or she will earn a punch on their own card. After 6 punches, we will deposit $1 into their account. Give us a call at (800)235-5331 or contact us here to learn more.
F&M Bank – banking that feels right. Member FDIC.