Teaching Children About Savings
Published by
Tompkins Community Bank
on
When it comes to teaching kids about the importance of savings, the foundation is set at home. Here are some practical ideas that could benefit your family:
Understanding Needs and Wants
Begin by discussing the distinction between needs and wants. Needs are essential for a safe and healthy life, while wants encompass everything else.
Emphasizing the Value of Every Penny
Illustrate the value of coins like pennies, dimes, and quarters to your children and encourage them to save these in a piggy bank.
Instilling the Habit of Saving Early
Involve your children in selecting something they desire to purchase. Then, together, calculate the cost and determine how long it would take to save up for it.
By engaging in these activities, the concept of savings becomes tangible and significant for children.
Don't hesitate to reach out to your banker for additional insights on financial literacy.