Parents' Corner

Parents' Corner

Financial education is best when it starts at an early age. Teaching your children the value of money and saving while they’re young gives them a better chance of maintaining those good habits throughout adolescence and adulthood.

Here are some ways to educate your children about money:

  1. Help your children understand the difference between what they want and what they need. Understanding the difference will make them better able to make wise spending decisions later in life.
  2. Encourage them to develop specific financial goals. This may be money for a new toy or a trip to their favorite ice cream store. Saving for a particular goal teaches children the value of a dollar and responsibility.
  3. Introduce children to the value of saving versus spending. You may want to do this by offering to match a certain percentage of what they’re saving and liken this to earning interest at a financial institution.
  4. Open a savings account for them. Have them make regular deposits with you and show them how much their balance has grown. Having their own account at a financial institution like Mom and Dad will make them excited about saving.

Try these fun activities with your children to help them learn about money:

http://www.federalreserveeducation.org/fed101/Games/

http://www.usmint.gov/kids/games/

http://www.moneyfactory.gov/kids/tgames.html

http://www.publicdebt.treas.gov/sav/savkids.htm

Financial Tip

Pay yourself first.

"Before you spend one dime of your paycheck, take your cut, right off the top. No questions. No excuses. You are the most important creditor you have."

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