Tips to Teach Young Children to Save in the Digital Age

More and more people are using online and mobile channels to pay bills and pay people, manage their financial accounts and make purchases. Are the days of teaching children to save money with the iconic piggy bank obsolete? We think not.

The iconic piggy bank sitting on the bedroom dresser is still a great way to teach young children to save. Encourage your children at a young age to put money into their piggy bank, then periodically drop by the bank and have your child hand their saved money to the bank teller for deposit. Talk to them about their account balance and how it is growing because of their savings habits.

When a child gets money as a gift, ask them upfront how much of it they want to save before they spend the remaining balance. The savings can be for short-term wants or needs or long-term benefits to build a nest egg to help them as they enter their adult years.

When you use your check card to get gas, buy groceries or hardware, or purchase other items, be sure to explain to your children that before you can use your check card for purchases, you must have the money in your bank account to do so. Explain how your paycheck from your job is deposited into your bank account so you can use your check card to make purchases.

It’s never too early to start teaching your children to save money. It’s always a good idea to reinforce the message to not spend money they do not have. Children should learn about living within their budget at a young age to develop good habits for their adult years.

In today’s digital age, starting your children on a path to good savings habits by using the iconic piggy bank remains a good idea. It is an icon and a savings process that children can touch, see and feel to help them learn. Most importantly, talk to your children about money and the importance of developing good habits while they are young to prepare for their future with confidence.

We are here to help! Contact our bankers to open your child’s first savings account and start the path of good money habits today.

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