April 12, 2011 is officially Teach Children to Save Day. It was declared by Wisconsin Governor Scott Walker this month. Teaching children to save money may not be easy at first, but the lessons they learn now should stay with them for the rest of their lives.
Here are a few ideas to encourage children to save money:
- Open a savings account and track the interest as it grows. You can do this at any Bank of Luxemburg branch location.
- Help children set goals for their savings -- whether it’s a buying a new toy or even paying for college. You could also give them non-money rewards for reaching certain milestones.
- Provide an allowance or let children earn money for household or neighborhood tasks. A small income will encourage kids to budget and manage money.
- Encourage giving to charities, churches or other organizations your child has an interest in. This will help them get in the habit of helping their communities.
- Lead by example and explain your own savings and spending plans to your children. You can tell them what you’re doing when you visit an ATM, pay for groceries and pay bills.
Bank of Luxemburg has a number of tools and ideas to encourage children to get in the habit of managing money. Visit our Money Talks page for more tips and ideas.