We teach our kids about eating healthy, stress to them the importance of having good hygiene, and do our best to instill them with a healthy sense of independence. So why are letting them treat us like human ATM machines every time they want to buy the latest gizmo or gotta-have-it gadget? Understanding the value of a hard-earned dollar is an equally important life lesson every kid should learn from an early age. The buck stops here, moms! In honor of National Kids’ Savings Month, we asked Boiling Springs Savings Bank for their top 5 tips for raising a pint-sized saver.
Tip #1: Share the Wealth
Don’t have your child put all his or her pennies in one piggy bank. Use four little banks instead, each labeled with the way they’ll use the money (SAVE, SPEND, INVEST, and GIVE are a few of our faves). Decorate each bank with stickers, photographs, or their own drawings showing how the money will be used. For example, if they’re saving up for a new bike, have them tape a picture of it to the SAVE bank. It’s a simple and fun way for them to keep their eyes on the prize.
Tip #2: Take That to the Bank!
Piggy banks are cute and all, but to really keep your money safe, open a kid-friendly savings account designed specially for the under-18 crowd at your local bank. We love Boiling Spring Savings Bank’s Boiling Buck Youth Savings Accounts- Kids receive a Kid Savers Kit: A BSSB Piggy Bank, the ABCs of Savings Book and crayons- plus, not only will their money be FDIC insured, they’ll also earn monthly interest and receive a $10 bonus just for opening an account with as little as $10! (click here to learn more)
Trick #3: Set Savings Goals!
How much should your kid save each month? That depends what they’re saving for. An action figure might take them only a week or two; a pony—well, that might take a little longer. It can be tough to save a lot in a short amount of time, but that’s all the more reason to have them set goals and stick to them.
Trick #4: Save First, Not Last!
Let’s face it, kids can be impulsive. Their desire to spend their money as soon as they get is bound to be strong. If your child gets a weekly allowance, encourage them to put at least half of it in their savings banks and not spend it all in one fell swoop. Remind them that once their money is gone, it’s gone, and they’re that much further away from their dream purchase.
Trick #5: Follow the Money Trail
Use a spare notebook or computer spreadsheet program to create a Money Diary is a great way for pint-sized savers to keep track of their money. Have them write down every cent they spend and keep a list of all of their purchases: what they bought, when they bought it, how much it cost, and—most importantly—why they bought it. Not only will it help them truly see where their money is going, it will also help them make smarter saving decisions in the future.
Boiling Springs Savings Bank
Locations throughout Bergen County
1-800-550-9655
See List of Locations Here
