About National Teach Children to Save Day
Since 1997, on this day, more than 170,000 banker volunteers across America teach children of all ages the importance of saving and making fiscal fitness a lifetime habit.
Tips on how to Teach Children How to Save
Start early: The earlier you start teaching children about saving, the more likely they are to develop good habits as they grow older.
Use a piggy bank: Piggy banks are a fun and tangible way for children to see their savings grow. Encourage them to drop in coins and bills every time they receive money.
Set goals: Help children set savings goals, such as saving up for a toy or a special trip. This will give them something to work towards and help them understand the concept of delayed gratification.
Make it a game: Children often respond well to games and challenges. You could set up a game where they get a reward for reaching a certain savings milestone.
Be a role model: Children learn by example, so it's important to lead by example and demonstrate good saving habits yourself.
Give an allowance: Giving children an allowance is a great way to teach them about budgeting and saving. Encourage them to divide their allowance into different jars, one for spending, one for saving, and one for donating to a charity.
Open a savings account: Once your child has a certain amount of money saved up, you could help them open a savings account. This will teach them how to save money in a bank and the benefits of earning interest on their savings.
Talk about money: Have regular conversations with your child about money and the importance of saving. Answer their questions and give them age-appropriate explanations.
Remember that children learn at their own pace and that it's important to be patient and flexible. It may take some time for them to fully understand the concept of saving, but with your guidance and support, they will be able to develop good habits that will serve them well in the future.