April has been a busy month! From bringing awareness to stress reduction or starting your garden, April 27th is also Teach Children to Save Day as part of financial literacy month. Teach Children to Save Day is about educating children to learn the value of and form a healthy relationship with money and finances.
Join me in today’s blog as we discover the origins of this important day and some tips on how to teach your children or other young people to save money.
History
Let’s start at the beginning; it is, after all, the perfect place to start.
Teach Children to Save Day was founded and is sponsored by the American Bankers Association.
The ABA advocates for pro-growth policies that support America’s banks on their mission to help customers and communities thrive. Starting in 1997, Teach Children to Save Day is about the banking industry reaching out to their local communities and supporting schools and families, teaching children the value of money and how to save money. The hope of developing saving habits at a young age creates a foundation for a lifetime of saving.
How to Celebrate Today
You’re probably reading this and thinking, “Sounds great; I’m in! But how can I make talking about saving money fun for my kids/cousins/ nieces and nephews?”
We have a few ideas!
Play a game about money.
Board Games:
No, not Monopoly® (I knew you were thinking that); although a great game that many families love (or not), the main goal of Monopoly is to bankrupt your opponent through buying, trading, collecting, and charging rent. Try Monopoly Jr.®, which focuses more on developing your child’s math skills and saving money.
The Game of Life®: An absolute classic! Teaching about money, making responsible decisions about their futures, and handling unexpected situations.
The Allowance Game® This game is handy for kids who will start earning allowances for doing household chores. This game is fun and teaches responsibility and how to spend money wisely.
Cashflow® is an educational board game developed by New York Times best-selling author Robert T. Kiyosaki. This game is for older children and teenagers but teaches valuable lessons about money and finance while still having fun.
Online Games:
There are plenty of free online games as well.
Financial Football®- Created by Visa® and the NFL®, a fun interactive game that teaches money management skills.
The U.S. Mint- has free games on its site, from memory games to puzzles being solved with math equations.
The Washington State Department of Financial Institutions- has a list of online games and educational Apps that teach children to save money and better understand finances.
Spare change? A great learning opportunity!
Having your children count coins, it’s an effortless way to go over basic math skills
and teach children the value of each coin. Most of us know or have a kid that loves to play
‘House’ (I’ve lost count of how many times I’ve made an “Omelet” with the Velcro wooden food toys for my niece)
When playing ‘house,’ try to encourage going on a grocery run or something that is associated with shopping. Set a budget and count out coins together so they learn to pay for their items.
Start a Savings Jar/Piggy Bank
So simple yet so effective. Starting a savings jar/ piggy bank may encourage children to begin saving and set financial goals. Want a new deck of Pokémon cards? Let’s start putting some money away. Want to buy Mom a nice present for Mother’s Day? Let’s start saving.
Another great way to encourage children to start saving is by decorating their savings jar or piggy bank. Giving these items a more personal touch makes children feel more connected to their money and helps establish the feeling of “this is mine, and I’m proud of it,” Like we are with our personal bank accounts. Then, set financial goals with them. For example, ask your child how much money they would like to save by the end of the year and establish what purpose this money will have.
Open a Youth Savings Account
Many banks may offer youth savings accounts, with parental supervision, of course.
Check out this list from Forbes about the Best Savings Accounts for Kids and Teens
Or ask your local bank what they offer for youth savings accounts.
Attend A Community Event
Many banks may hold a Teach Children to Save event.
Sometimes they will be at their local bank branch or a community center.
Check out the American Bankers Association’s list of participating Teach Children to Save Day participating banks. Can’t find a bank in your area that participates? Try starting one with your local branch.
The ABA offers a variety of resources for parents, teachers, and community organizers.
Check out their Teach Children to Save Program
In Conclusion
Teaching the children and young people to start saving and learning responsible money habits has lifelong positive effects. They are the future; let’s take the time to teach them one of the most important life lessons they will ever learn.
High-interest loans can be expensive and should be used only for short-term financial needs, not long-term solutions. Customers with credit difficulties should seek credit counseling. The opinions expressed above are solely the author’s views and may or may not reflect the opinions and beliefs of the website or its affiliates. Cash Factory USA does not provide financial advice.
Image(s) or Footage (as applicable), used under license from Shutterstock.com.