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Teach Children to Save Day

Posted on Friday, April 28, 2017

Teach Children To Save Celebrating 20 Years

Friday, April 28th marks the 20th Birthday of the ABA's National Teach Children to Save Day!  Familiarizing children with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults.  Bippus State Bank offers the following tips for money-savvy parents raising money-smart kids:

  • Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver.  Children tend to emulate their parents' personal finance habits.  Share this Roadmap to Financial Responsibility with your kids.

  • Talk openly about money with your kids.  Communicate your values and experiences with money.  Encourage them to ask you questions, and be prepared to answer them - even the tough ones.  See this list of eight ways to talk openly with your kids about saving money.

  • Explain the difference between needs and wants, the value of saving and budgeting, and the consequences of not doing so.

  • Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.

  • Let friends and family know about your child's savings goal.  They will be more likely to give cash for special occasions, which means more trips to the bank.

  • Put the literacy in financial literacy.  Encourage your children to read books that cover various money concepts.  Not only will they become strong readers, but they will be smart money managers too.  Click here for a list of titles for all ages.

  • Engage your community.  Many schools, banks, and community organizations share your commitment to creating a money-savvy generation.  Engage a coalition of support to provide youth with the education they need to succeed.

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