By Jennifer Roberts
If your children are anything like mine, they want to spend any, and ALL of the money that they have the split second that they get it! It does not matter if we try to talk them out of it, they insist on spending their money. Then they think that money grows on trees and comes out of the wood-work!
We found out about the Annual Teach Children to Save Day that will take place on April 28, 2017. This national campaign raises awareness about the importance of saving money. One day a year, bankers will volunteer to visit classrooms, after-school programs and youth centers to teach children more about saving.
They will teach the children about the four most important money choices: save, spend, donate and invest. Since the program started in 1997, 175,252 bankers have volunteered and have conducted 194,814 presentations that have been seen by over 7.3 million students.* These students will have money lessons that they will be able to use during their entire lifetime.
My daughter came home from school one day insisting that she open up a savings account. We had NO idea where this child had come from! That weekend, we took her to our local bank and opened up a savings account. She started it with money that she had saved from her birthday, “Tooth Fairy” money and spare change she found throughout the house. She actually had quite a bit that we didn’t even realize she had! With very little help, she opened up a savings account that she still will put money in when she has a few dollars laying around.
Many banks across the US offer a children’s account. A children’s account is generally offered without fees and they do not require a minimum balance. Some banks also have kids clubs where the members can get newsletters, candy, balloons or other giveaways when they make deposits. And, if your kids love getting mail (like mine do) then make sure that you sign up for the monthly statements in lieu of doing online banking. Check with your local bank and don’t miss out on the opportunity to participate in #TeachChildrenToSaveDay. This initiative could be the deciding factor if your child grows up to be a spender or a saver. Good luck!
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