If you’re a parent or guardian (or a teacher, mentor or if you just simply care about children) are you wondering what to give your child on National Teach Your Child to Save Day?
You’ve only got one week to decide, as the celebration, sponsored by the American Bankers Association, occurs Friday, April 24.
The gift you give could mean a life of financial security for your child.
National financial rating service Bauer Financial offers tips to get you started, if you haven’t already.
• Make savings fun. Bring your child to a bank to see how things work. You might even ask the manager to let you see the inside of the vault.
• By opening a savings account your child could learn about compound interest. Make a savings chart, and when your child reaches a goal, give a reward.
• If you are able to match finds, whether partially or dollar-for-dollar, it will foster success in reaching savings goals and provide a sense of accomplishment.
• Don’t just take your child shopping with you, but discuss how much things cost. Put money in jars or envelopes to encourage setting goals and budgeting to reach goals.
• Teach your child to budget an allowance. The ABA suggests keeping long-term savings in an investment account, short-term saving in a bank and spending money in a piggy bank or wallet.
• And while you’re at it, you may also encourage children to save part of their spending money for some sort of charitable donation.