FollowTeach Your Children to Save Day
April 24th is Teach Your Children to Save Day. The American Bankers Association volunteers their services to primary schools in an effort to teach young children the importance of saving for the future. They also teach them a couple of other important factors in finances, such as investing, spending and donating money.
However, financial matters should also be taught in the home. Doing regular chores such as making the bed, tidying the room should be a given without any financial compensation. Chores such as vacuuming, snow shoveling, and taking out the trash can be chores in which there is some sort of financial compensation. Teaching your child about savings means that they have to earn money somewhere, and chores seem to be just the thing for that.
Learning how to save does not only have to be allocated to financial matters, teaching them about turning off lights when not in use can also teach them the importance of saving. Once they have a good amount of money saved up, open up a bank account for them and let them take charge of the deposits and withdrawals. Of course, you will have the final say in these matters.
Teaching them the difference between wants and needs are another matter that also be taught. This way they will learn how to use their money wisely, purchasing only items they need immediately and saving for birthday presents or Christmas gifts.
Finding fun and creative ways to teach them about financial matters will help to keep them interested. You can make a bar graph in which your child can fill in for the chores done for the week, the money earned or spent, as well as the balance.
Teaching them to be financially responsible at a young age will also teach them discipline. They will be able to understand how to budget and save for a rainy day. It will be a lesson that they will carry into adulthood.
