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The Importance of Teaching Kids How to Save Money

Money can be a difficult topic to discuss for adults and becomes even more challenging when we’re faced with teaching our kids how to save and spend responsibly. Experts believe that children can begin grasping the concept of money at the surprisingly early age of three to five.

Some Tips on How to Teach Kids About Saving Money

Understanding good financial habits and putting them into practice in childhood can have a lasting effect and follow into adulthood. Here are a few tips on how to go about talking to your kids about saving money.

  • Define the difference between wants and needs.
  • Develop a wish list together. Choose one item and set a goal amount to save before they can purchase it.
  • Offer an allowance in exchange for chores so they can feel the satisfaction of earning their own money.
  • When they make purchases, allow them to handle the cash.
  • Help them keep a ledger of what they have saved vs. what they have spent.
  • Teach them to store money in a safe place.

A Savings Account Can Help

A savings account can be a great tool to help kids learn how to save money. At Midwest Members Credit Union, we recognize the importance of learning how to make good financial decisions at an early age. Our Money Dog savings account for kids 12 and under offers all the benefits of a regular savings account, along with these additional perks to make money management more fun.

  • A birthday card with a token to receive one prize from the Money Dog prize box.
  • For every deposit over $10, children receive a token for one prize from the Money Dog prize box.
  • A quarterly newsletter filled with details of Money Dog’s exciting adventures in our local area, along with some fun pages.
  • A page on our website dedicated to kids, complete with printable coloring pages, word finds, cards to color and give away for holidays, mazes, Money Dog adventures, and more!

Our members are important to us, and we are always happy to help. If you have questions, feel free to stop by or give us a call.