Teaching Your Child the Value of Saving

Many know that April is Financial Literacy Month, but did you know that it is also the Month of the Military Child? That’s right! In 1986, then Secretary of Defense Caspar W. Weinberger designated each April as “The Month of the Military Child”. There are celebrations honoring the children of servicemembers. Won’t you honor your child by investing in his or her future and teach the value of saving and responsible spending? Here’s a few ways to introduce your child to money management this month:

1.    Sign up for Money as You grow program. Read an article about this interactive online game here.

2.    Play a fun online financial game with your child, like Financial Football, Road Trip o Savings or Cash Puzzler or one of the games from the U.S. Mint.

3.    Download the free Monkey Math, app from Google Play.

4.    Introduce them to an online Googolplex® game for just for kids from Credit Union National Association OR the Teach Children to Save program with the American Banking Association.

5.    Take your little one to a coin counting machine inside your financial institution or inside a grocery store. I did this with my 7 year-old niece and she loved it! She actually loves going to the bank now. When you expose children to saving and being financially responsible early-on, you set them up to be savers and responsible financial spenders in the future!

6.    Open a savings account for your teen or pre-teen, and then allow them to spend 10% of it each month, so that they are forced to balance the account. This will give them real life exposure to responsible money management.

7.    If you have a teenager over the age 14, have them take the Youth Savers pledge at Young America Saves Pledge with a specific goal. Their information is safe and will not be given to any third party organizations.

Other ways to introduce your child to money management include the financial-themed Stock Market Game and the decades old board game, Monopoly, now also available as an Android App.

Financial Literacy Month is the perfect time to educate your young child, pre-teen or teenager on the importance of saving and money management. This week is not only the fourth week of financial literacy Month, but also the week of the Credit Union National Association’s National Credit Union Youth Week which encourages kids to set up savings accounts and learn how to manage money. However you celebrate your child this month, be sure to include financial literacy so when it becomes time, they are able to Set a Goal. Make a Plan and Save Automatically!

Tip of the Day

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    Shop around for auto and homeowners' insurance: Before renewing your existing policies, check out the rates of competing companies whose annual premiums could be several hundred dollars lower. 

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