– Help kids open their own bank savings account and make deposits regularly. Your child can earn their first deposit by doing neighborhood chores or selling old toys at a community garage sale.
– Start a 401(Kids) program. Match 25 cents or 50 cents for every dollar that your child saves.
– Break the money taboo. Talk to your kids about the family budget and include a discussion on wants versus needs. Reinforce this by budgeting for a family outing or purchase.
– Take advantage of teachable moments. While children know that money doesn’t grow on trees, they may think it comes out of a wall. Show them how an ATM machine works and explain that to take money out of a bank, you must first put it in.
– Give your kids positive feedback. As children get older, give them responsibility over how they spend their money.