National Teach Children to Save Day
The last Friday of April is National Teach Children to Save Day!
This day is a great day because it encourages parents, teachers, and caregivers to teach children about the importance of saving money and making smart financial decisions.
Would that all our children were born knowing how to do this, right?
Teaching children about money management is seriously a critical life skill that can help them become financially independent and responsible adults. What better way to help your kids start their adult life off right than helping them start a nest egg?
The Importance of Teaching Kids about Money
Many adults, I might even go as far as to say MOST, struggle with managing their finances, often due to a lack of education and understanding about money. By teaching children about money at a very early age, we can help set them up for a more financially stable future.
Teaching kids about money also helps to instill some really great habits and solid values. Like understanding the value of money!
By encouraging children to save their money and make smart spending decisions, you can help them develop important life skills such as self-discipline, delayed gratification, and goal setting.
It think the delayed gratification thing is probably the most difficult thing to teach kids…especially with the fast pace of social media and technology now. Everything is right there right away all the time!
So, let’s talk about how to help our children along the way and get them to a decent level of financial literacy.
Tips for Teaching Kids about Money
- Start Early
- It’s really never too early to start teaching kids about money. As soon as they are old enough to understand what a quarter is, you can begin teaching them about saving, spending, and budgeting.
- Use Everyday Opportunities
- Look for everyday opportunities like… when you’re at the grocery store, you can teach them about comparing prices and making smart choices. Or, when you’re paying bills, you can explain how the process works and the importance of paying bills on time. Because they’re going to want to have a good credit score and paying their bills on time is super important!
- Make it Fun
- Learning about money doesn’t have to be boring! You can make it fun by turning it into a game or challenge. Like, you can challenge your child to save a certain amount of money over a set period of time and reward them with a small prize. Like more money. That’s can even be a lesson in interest!
- Set a Good Example
- Children definitely learn by example, so it’s important to set a good one when it comes to money management. Make sure you’re practicing good financial habits, such as saving money and avoiding unnecessary debt. Show them how you set up a budget and make adjustments as you go along during the month. There are always unexpected bills that arise, and showing them how to pivot is a great teachable moment.
- Use Resources
- There are loads of resources available to help teach children about money. You can use books, online resources, or games to help teach kids about the basics of money management.
Ideas for observing National Teach Children to Save Day
National Teach Children to Save Day is a most excellent opportunity to reinforce the vital importance of saving and budgeting. Here are some fun ideas for celebrating this special day with your children:
- Make Saving Jars
- Create special saving jars with your child’s name on them. Encourage them to save their money in the jar and keep track of their progress. You can also decorate the jars together to make them more fun and personalized.
- Role Play
- Role play different financial scenarios with your child, such as going grocery shopping or paying bills. This can help them understand the importance of budgeting and making smart choices.
- Create a Savings Plan
- Help your child create a savings plan for a specific goal, such as buying a toy or saving for college. This can help them learn about goal setting and delayed gratification.
- Visit a Bank
- Take your child to visit a bank or credit union to learn about the different services they offer, such as savings accounts and loans.
- Read Books about Money
- There are many children’s books that teach valuable lessons about money. Consider reading a few of these books with your child on National Teach Children to Save Day.
Great Books to Read for National Teach Children to Save Day
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There are sooooo many great books that can teach children about money. Here are a few of the good ones:
- “The Berenstain Bears’ Trouble with Money” by Stan and Jan Berenstain: This classic book is a great way to introduce young children to the basics of money. It teaches kids about earning money, spending wisely, and saving for the future.
- “A Smart Girl’s Guide: Money” by Nancy Holyoke: This book is geared towards girls and provides practical advice on managing money. It covers topics like budgeting, saving, and making smart choices with your money.
- “The Kid’s Money Book: Earning, Saving, Spending, Investing, Donating“ by Jamie Kyle McGillian: This comprehensive guide teaches kids about all aspects of money, from earning and saving to investing and donating.
- “Lemonade in Winter: A Book About Two Kids Counting Money“ by Emily Jenkins: This fun and engaging book follows two siblings as they set up a lemonade stand and learn about counting money and making change.
- “If You Made a Million“ by David M. Schwartz: This book introduces kids to the concept of money and explores how it can be earned and used. It also teaches about different currencies and the value of saving.
Reading these books with your kids can spark some great conversations about money! That way you can help them develop a strong foundation for managing their finances in the future. What a gift!
Celebrating this special day with fun activities and lessons about money can reinforce great values and help your kids understand the importance of being fiscally responsible.
It doesn’t have to be complicated or intimidating or boring! By using these tips and celebrating National Teach Children to Save Day, you can help your child develop good financial habits that will last for a lifetime and help shape the future of you grandkids too!
