It’s National Kids Savings Month: Teach Your Children to Save

When I was a little girl, I remember how much my parents insisted I saved money -specially when it had to do with buying something I wanted. In my country, it’s the norm to have what we call a “clavo” (which means an emergency fund) in our wallets or stashed in our homes, in case of a rainy day.

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Preparation. That’s mostly what my parents wanted to teach me. You never know the cards life will deal you and unfortunate situations turn even more dire if you’re unprepared.

My business partner, Lynette Barbieri (a Financial Coach with over 18 years of experience) always talks about having an emergency fund as a family. In fact she insists on it…and again, it has everything to do with preparation.

As a mother, I want my children to enjoy the blessing of not having to worry about their next meal or where their clothes are coming from. It’s an unfortunate reality that many people go through every day. But it is my responsibility as a parent to teach them the work it takes that affords us the the lifestyle we have.

Things are not handed to mom and dad; mom and dad work very hard and long hours so that we can live the way we do. We also save for the ‘finer’ things -that fabulous family vacation, those expensive gadgets they have and more.

We stopped accepting material birthday gifts for our children years ago and when asked by family members what they should get our kids, we suggest money for their savings account. Right now, Tomás is hoarding his dollars and cents to use towards his next X Box game, Samuel for his next TMNT figure.

What I can tell you is that the older they’ve gotten and more understanding of how money works, they keep balances and track every penny in their piggy bank and savings accounts. I call it “Saver’s Pride” and we couldn’t be happier they’ve caught the bug!

Since April is National Kids Savings Month the Boiling Springs Savings Bank wants to generate awareness for its Bucks Program by teaching children under 18 the value of savings. They’ve put together a really cute workbook to help kids understand money called Saving Money Is Cool (click to download the entire workbook).

Teach and help your children be prepared. If you decide to visit a bank with your child(ren) and set up an account, also know the following:

  1. $10 bonus is deposited into account if account is opened with $10 or more.
  2. Account is available to youths under the age of 18.
  3. Interest earned monthly on all account balances.

Boiling Springs Savings Bank is a Member of FDIC.

 

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