Teach kids the importance of saving money
By Sue Baldani
Teaching children the value of saving money should start early. “Most kids’ early interactions with money will likely involve spending, so it’s important to teach them from a young age that money isn’t only for making purchases – they should also be saving regularly,” says Nicole Gibbs, senior vice president of CapStar Bank. (See her tips below.)
CapStar Bank can help. “CapStar operates with an owner mindset with highly effective teammates who are obsessed with ‘wowing’ customers by setting the standard in guidance, responsiveness, flexibility, and service,” she says.
- Play a board game, like Monopoly, or, play “grocery store” with bills and coins as a fun hands-on way to learn to make change.
- Introduce the concept of “wants” vs. “needs” by creating a worksheet that notes the difference between things we need to survive and things we simply want.
- Teach the value of delayed gratification with a parent-supervised savings account. Then, set savings goals, create a budget, examine results, and reward accomplishments.
- Ask older kids to help balance your checkbook to show how the family budget works as a step toward real-world money management.
Written for Franklin Lifestyle magazine in Franklin, TN.