Teach Kids to Save

Teaching children the basics of money management at a young age creates life-long habits of financial responsibility. To help you get started, check out these great tips from the American Bankers Association:

• Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them — even the tough ones.
• Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
• Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
• Open up a savings account at your bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management.
• Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents’ personal finance habits.

With summer just around corner, this is a great time for families to start some fun savings and money management projects. Adopting good savings habits now will definitely benefit your children in the long run.

Join Our Savings Club

Children 10 and younger can open their own Savings Account and have fun learning to save money with incentives designed to teach them to save. They will receive a special coin bank upon opening their account – once that coin bank is full, it’s time to take their money to Stockman! The Savings Club gives you the opportunity to teach your child banking basics, such as how to deposit chore allowance or birthday checks, withdraw cash, check their account balance, and more. Your kids will love watching their balance grow, slow and steady, just like Stevie the Sloth. Once their account reaches $100, they will take home their very own plush Stevie!

The Savings Club is designed to establish early saving habits and teach finance basics. It motivates children to earn their own money and encourages them to set and reach goals. They will quickly understand the important concept that the more money they save, the bigger the payoff!

Contact us today to set up an appointment at your local Stockman Bank.