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Tuesday, April 23, 2013

Tips for Teaching Children to Save

Today is National Teach Children to Save Day. Established by the American Bankers Association in 1997, Teach Children to Save Day is a national campaign where bankers teach children the importance of saving money.

Bankers across Washington are partnering with local schools and organizations today to present savings lessons and offer tips on how to teach children about money.

Tips for Teaching Children about Save

Anytime is the right time to begin teaching children about money, and the American Bankers Association Education Foundation has tips that can help parents teach money at home.

  1. 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
  2. Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
  3. Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
  4. Open up a savings account at your local bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management
  5. Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents' personal finance habits.
Washington Banks Participating in Teach Children to Save Day

The following banks are participating in Teach Children to Save Day by hosting activities or teaching personal finance lessons in the classroom.
  • Pacific Crest Savings Bank
  • 1st Security Bank
  • Heritage Bank
  • Olympia Federal Savings & Loan Association
  • First Federal
  • First Savings Bank Northwest
  • Yakima Federal Savings & Loan Association