Anytime is a great time to start talking to your children about saving money and educating them about fi nancial responsibility.
Talk openly about money with your kids and encourage them to ask you (and your local banker) questions. Below are some helpful tips to begin the conversation with your children and start them on their way to becoming fi nancially responsible adults.
Get into the savings habit: Learning to save and spend money responsibly requires discipline. Opening a savings account at your local bank for younger children and encouraging them to make deposits regularly can be a hands-on lesson in money management.
Find a low- or no-fee checking account: For older teens, opening a checking account at a local bank can teach them how to use services like ATM/debit cards, online banking, direct deposit, check cashing and more.
Learning how to record transactions and review monthly statements together can help develop responsible spending habits.
Build good credit: Be an example to your children by paying your bills on time, applying only for credit you need, and repaying loans as promised. Children tend to imitate their parents’ personal fi nance habits. Being aware of how to keep a good credit record will help them when they seek fi nancing for future purchases, like a car or house.
Teaching your children how to save is an important step to preparing them for fi nancial responsibility and a secure future. Open communication and setting an example of financial responsibility will help get your children on the right path to saving and spending mindfully.
