How many times have you heard a parent say that about their child? In the blink of an eye our little babies are graduating high school and spreading their wings to go out into the world, and we as parents wonder if we’ve fully prepared them to take that step. With that in mind, it’s never too early to teach them to save.
The first place they learn about money is from you! Being an example by making responsible decisions with your money is the first step. Teaching them to find ways to save through your daily spending can be fun.
Our family goes grocery shopping, trying to find the best “deals” on the things on our list. We then look to see how much we saved that day, trying to beat our savings from the previous week. We can then take the money we saved and put it in our savings account to use for something fun….like vacation!
For back-to-school shopping, take your children with you and give them a budget to work with. Try to get everything within the budget and deposit the balance into their savings account.
When they have money to put into their account, bring them into the bank. Show them how to fill out the deposit slip and let them take it to the teller. When their statement comes in the mail, open it with them and look it over.
If your teenager gets a job, sit down and make a list of their bills — things like gas, cell phone, lunch, and entertainment. Take their income and deduct their expenses. Show them how to budget their money so they can do the things they want and still save money. Show them how to balance a checkbook. So many times people don’t know how to — or just don’t — balance their checkbooks and end up overdrawing their account. If you need help, please don’t hesitate to see one of our Financial Service Representatives, who’d be more than happy to teach you or your children how to balance a checkbook.
Teaching your children how to handle their money when they’re young will give you peace of mind as you send them out into the world. Now you only need to worry about how to prepare yourself for that day!