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10 Ways to Teach Your Kids How to Save

Savings 10 Ways to Teach Your Kids How to Save

10 ways to teach your kids how to save.

 

Here at Global Credit Union we know every child dreams about their future. But we also know some of those dreams may require money to come true. That’s why we want to help you teach your kiddos about the importance of money management with the following 10 ways to teach your kids how to save at home.

  • Vision Boards
  • Let’s Create a budget
  • Save, Share and Spend
  • Story Time
  • Stress the importance of charitable giving
  • Family game night
  • Establish an Allowance
  • Shop around for the right deal
  • Be honest about financial mistakes
  • Make saving a family affair

 

  1. Vision Boards

How does any savings account begin? It begins when we find something that we have decided we want, yet can’t necessarily afford. Create a vision board with your children. Sit down with your kiddo, a pair of scissors and a whole lot of old magazines. Use a printer or let them draw their ideas. Ask them what they want the most. It can be anything from toys to outdoor activities to family vacations. Print, draw or cut out ideas that stand out or excite them the most. Glue these to a large piece of paper. Hang your kiddo’s vision board creation where they will see it frequently. Maybe on their bedroom door or on the refrigerator door. Let the vision board serve as a reminder to your kids that saving for something is worth it. This will introduce them to long term financial planning.

 

  1. Let’s Create a Budget

Include your kids in conversations about basic life costs, for example: groceries, utilities, rent, mortgage payments. Every parent knows that kids pick up much more of our conversations than we think. Why not use this as a teaching tool? Curate the conversations to be easily understood by your child based off their age. Remember to save receipts and bank statements for refence when conducting these discussions.

Pro tip: create an excel spread sheet or even a simple note on your phone to track expenses.

 

  1. Save, Share and Spend

Did somebody say Moon Jars? At Global, everyone 17 and under who opens an account is automatically enrolled in our Junior Citizen Program. A new Junior Citizen will receive a Moonjar at account opening. A moon jar is a kit that teaches kids how to manage their money; introducing the idea of budgeting in a way for all ages to comprehend. 

The moonjar is a fun tri-separated “piggy bank” made with a slot in each section designed for inserting bills and coins. The three sections in the box are labeled: Save, Share and Spend. Best part? These piggy banks aren’t made of glass. So no worries parents, we don’t see any accidents in your future.

 

  1. Story Time

Purchase books that stress the importance of financial planning. A book can be a great way to teach your children about finance in an engaging and age appropriate way. Did you know there is a book that goes hand in hand with our Global Moon Jars?

 

  1. Stress the importance of charitable giving

We all strive for financial stability and a healthy community. Teaching your children to give back to their community in a meaningful way teaches them to prioritize their spending. With every deposit into their account, Global Junior Citizens are given the opportunity to give back to their community by donating a Global Token to one of three charities.

 

  1. Family Game Night

Remember to keep things fun! There’s nothing worse than trying to keep a child focused after they have lost interest. Consider organizing a weekly family game night. There are plenty of games out there that involve money management. Monopoly and the game of life are popular money management staple games that many homes already have. Use navigating through the game as a fun and interactive way to explain topics from budgeting to property investment.

 

  1. Establish an Allowance

Whether you are gifting your children their allowance funds, or exchanging allowance funds for tasks, giving your children their own money can be a powerful tool in teaching financial independence. Ever had your kiddo beg for a treat or toy until you tell them they can use their allowance on it? Shockingly that goody that they just couldn’t live without five minutes ago suddenly isn’t all that desirable. This serves as a powerful tool to educate on the topic of impulse spending.

 

 

  1. Shop Around for the Right Deal

So your kids have remained dedicated and now they have enough saved up for that new toy they can’t stop going on and on about. Teach your kids the importance of “shopping around.” We have all been guilty of impulse spending at one point or another. Remind your children that the first place you see something does not mean it is the best place to purchase your item. Teach your kids research techniques to find the best deals. Some places to start are online. Look at various online merchants and keep a list of each one and the cost of the item.Don’t forget to add in shipping costs and tax to get a true price.

 

  1. Be Honest About Financial Mistakes

We all want our children to learn from our mistakes. Be honest with your kids. Tell them the stories of the financial mistakes you and/or your partner have made in the past. Explain how you solved or overcame the financial problem. Occasionally, allow your children to make their own minor money mistakes. This will teach them the importance of thinking before spending and how to come back from a bad decision. You can always step in if the need arises.

 

  1. Make Saving a Family Affair

Financial milestone are more easily met when goal setting is in place. Make a savings account for a trip to Disneyland part of a family goal. Or perhaps bring in the whole family on the decision to save for a new car. When choosing other items to buy, you can reference the big purchases you are planning and make it easier to say no to frivolous spending as a whole group. Regardless of age, include your child in large purchases that effect the whole family.

 

To start your child off on a strong financial path visit https://globalcu.org/youth/.

 

 

 

 

 

 

 

 



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