Laying the foundation for a bright financial future starts with our little ones. Educating our children to save fosters a lifelong understanding of financial responsibility.
Here are some tips to help build money wisdom in our children:
Lead by example: Children are sponges, mimicking our behaviors before their first words. Show them your savings habits, explain financial decisions when you are out and about shopping for needed items and involve them in age-appropriate discussions about family finances when you can.
Piggy Bank: Introduce the joys of saving with a piggy bank, maybe even get one they can decorate and make extra special. Watch their excitement grow as they fill it with spare change or allowance.
Weekly allowance: When age appropriate, consider giving a small weekly allowance. This not only helps your child learn about budgeting, but it could show them the consequences of spending too quickly!
Match the savings: Matching your child’s savings could be a good incentive to get them started!
Let’s nurture these little hearts as they embrace the art of saving, and witness their financial understanding grow!