You can start teaching your children about finances at any age to help them achieve solid values and financial success. In fact, many believe the earlier, the better!
Make a list with your child of everything he or she spends money on. It can include video games, coloring books, trading cards, candy, school supplies, etc. Next, ask your child what he or she wants to save for every month. Show your child what should be saved for and what can be reduced or eliminated.
By saving his or her money at the credit union, your child will earn interest on deposits. Teach your child to save for small things first. Show how regular deposits accumulate with interest.
How does your child receive that money to save? Is it birthday or holiday money or does it come from an allowance? Suggest ways to earn money like helping out neighbors or other family members.
By teaching your child to earn and save, you’re encouraging financial independence.