Raise a money-smart kid October 18, 2019
If you’re a parent, you likely know that kids are natural sponges for information. If you want to raise a money-smart kid, you need to start early. Here are some tips for laying a strong foundation for a future financially responsible adult.
Begin young – Even kids as young as 2 can learn important money-handling lessons. Consider ways to incorporate the following lessons into your daily routine:
- Play store or let your child hand money to a cashier at the grocery store to show them that money is a medium of exchange.
- Count coins and explain that five pennies make a nickel or that 10 dimes equal a dollar to show them equivalency.
- Save for something immediate, like a box of crayons – since attention spans are short – to teach them about saving towards a goal.
Open a savings account – Statistically, children with savings accounts save more than those without. Having a savings account will teach your child how to plan, how to stay focused on goals, how to budget and wait for the things they want, how to do basic math, and other important life skills. Plus, at DCECU, it’s easy to open an account for your child … and we also offer other savings tools like our Youth CD.
Be a good example – From setting goals and budgeting to investing money thoughtfully and using credit responsibly, you are your child’s best example. Don’t be afraid to talk about money with your children – even the mistakes you have made – to help them learn the value of being money-smart in their own lives.
You can learn more about our variety of savings options online or stop in today and open an account to get your family started down the path to financial education.
money saving kids