April 28th was Teach Children To Save Day.
This day is a great reminder that it is never too early to start thinking about ways to teach your children about the benefits of saving money. Teaching children to save at an early age promotes financial healthiness in adulthood.
Once children are in elementary school they are ready to start learning about money management. This is a perfect time to start giving an allowance for chores and open a savings account at your local bank. One idea is to have two buckets-one for saving and one for spending. This helps introduce children to the concept of dividing their money so that some gets allocated to savings. Talk to your child about how much they are permitted to spend and how much they should save.
Many banks offer special savings accounts for children with lower opening balances, minimum deposit amounts, and incentives like prizes for making a deposit. Talk to our our bank today about options for little savers!