Teaching Money Principles Early
Teaching your child about financial literacy doesn’t have to be a scary topic. In fact, it’s something that can be incorporated into your normal daily routines. Here are some ideas of how you can help prepare your child for future financial success by teaching them early on.
Pre-Elementary through Middle School
From toddler to elementary years, kids’ minds are like sponges when it comes to learning. From when they begin to speak in short sentences to conquering basic math skills, your youngster is able to absorb the basic principles of money. Start them off with some simple money lessons like identifying different bills and coins.
During the tweenaged years, your child is aware that money buys just about anything. This is a great time to instill responsible money management skills such as teaching them budgeting with a weekly or monthly allowance. Encourage your pre-teen to save and donate some of their funds to a local charity.
High School to College
The pre-adulting years are vital for teaching the ‘ins’ and ‘outs’ of financial health before they really start adulting. At this age, your young adult should have an understanding about a savings and checking account as well as how loans work. Teach them about the repercussions of late loan payments (how this may affect their credit) and introduce the importance of building a little nest egg for life’s emergencies. Check in with your young adult every couple of months to ensure they’re on track with their budget.
Being a parent is tough, and we understand the task of teaching financial literacy is a job not to be taken lightly. That’s why we’re here to help! We offer a variety of Youth Savings Accounts to help your child save at any stage of their adolescence years. Are they at the pre-adulting age? Open your child a Student Checking Account and get them into the habit of managing their own funds.