Getting Kids Excited About Saving

It’s never too early to see your kids in the right direction. By using the tips below, help them  prepare for a financially secure future! 

1. Monkey See Monkey Do:
   If your kids see you saving and are able to actually see you reaping the benefits of saving money, they will definitely be more likely to save as well. There are numerous ways to include your children in the saving process!

   • Take them to the store with you. Make the lists together and let them clip and store the coupons! Ask them about ways you all can save even more money.
     

   • Discuss the difference in prices of similar items. Explain to them the reasons why the items are priced differently.
     

   • Be sure to show them how much money you saved at the end of the trip to the store, and if possible, buy them something that they want with the money you all saved together. This teaches them that saving money can be rewarding in the end.
     

   • Take them to the nearest Fort Worth City Credit Union and open up a youth savings account. Let them help open the account, sign forms and make plans for their future with you. Seeing and experiencing this process will excite them, and let them know that you are serious about their financial future.

2. Money Doesn’t Grow On Trees:
   Your kids will always ask you to pay for things, and when you continue to do so, they are not fully grasping the value of what they are getting. Consider flipping the situation around on them, and suggest that they buy the things themselves.

   • Kids learn best by doing. Give them an allowance if necessary and allow them to budget the money as they please.
     

   • Work with your kids to find sales, coupons, discounts, and more affordable options for the things they really want. This allows you to encourage smart spending and guide from a reasonable distance.
     

   • Teach them to create a budget for what they want. Many young adults are unaware of how much they spend and struggle with managing their money. Instilling the importance and understanding how to create and follow a budget at a young age is crucial to their long-term financial success.

3. Open The Floor For Discussion:
   The biggest thing you can do to support the financial success of your children is to talk to them. Have a simple discussion about money, credit cards, budgeting, saving, and any other financial topic. This is the tip that requires the least work but probably has the biggest impact. These small conversations have the power to change their entire perspective. Keep an open, ongoing conversation about finances and the future with your children. If they know you are interested in planning the future, they will be too.