Creativity is a child's bread and butter, and teaching them about saving money is a crucial component to helping them understand the value of their belongings. To prepare for Financial Literacy Month, TD Bank has come up with clever ideas to promote conversations about money and savings. These six essential money lessons for kids tare ideal for teaching your child how to make smart money decisions as well as provide for a gentle reminder for you on how to put value to your money.
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Here at Momtrends, we believe in the power of communication. I can't expect my girls to be money-smart independent women if I don't talk about money and it's power. Children need to see us modeling this behavior, let's all tackle this together.
Six Essential Money Lessons for Kids
- It's All in the Visuals: Children tend to be visual learners. Hang up a savings goal chart, like an empty thermometer or table, that they can fill in as they reach their goal. For older children, have them create a Wish List of items they want with the cost included. These visual reminders will help encourage them to save their money instead of spending it immediately.
- Field Trip! Every child loves a good field trip. Tell them you are going to take them on a field trip to the bank and watch their eyes light up. Many banks, offer a joint savings account option that the parent and child can open together. Let them come with you when you open this so they can be involved in every aspect of their money management. Have them deposit money with you on a regular basis, particularly when they receive money for birthdays or holidays.
- Count Coins: As a treat for filling up their coin jars visit the coin counter at your local bank (TD Banks often have a Penny Arcade) and let them cash in their coins for deposit into their savings account.
- Penny Pinching: Compare prices in stores or online to help teach your child to spot a great deal. When shopping with your child, check the sale and clearance sections first. Let them know they may find something on their wish list or a similar alternative for a better, less expensive price.
- Let Them Pick Up the Tab: Spending Mom and Dad's money is easy! Help them to develop a better relationship with money by having them use their own money to pay for the items they want. They'll appreciate the hard work that goes into saving your own money.
- Let's Make a Deal: Make a deal with your child that you will match a percentage of the amount they save if the save consistently or reach a certain amount. This could be anything from a video game to their first car--it's whatever works best for your family! In lieu of a percentage, reward your child for great savings habits. Some experts say it is most effective to reward children with something non-material like an extra hour of TV-watching, a later curfew one night or a sleepover!
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