Help Your Children Get Smart About Money

How many times have you gone through something in life, and said, “Man, I wish someone would have taught me that when I was younger. Then, I might not have had to go through this now and would be better off.” Chances are, you’ve said it at least a handful of times. And the situation that seems to gather this response the most: finances! Fortunately, you can break the cycle by giving your children the lessons now that you had to learn the hard way, with these tips!

Start the Lessons Early

In your household, you want to make sure you keep the lines of communication open when it comes to finances. Of course, you don’t have to tell your children everything about your finances, but you can talk to them about general issues, such as how you work to make money; and how the money you earn helps you in buying the essentials (groceries, electricity, etc.) for the household, as well as helps pay for family vacations.

One of the first lessons you can teach your child about money is how to SAVE. While we want to give our children what we didn’t have, it is important for us to also teach them the value of a dollar. Is there a new video game out they want to buy? Are the new shoes they want over your “shoe budget?” Teach them how saving their birthday money, allowance, etc., can help them purchase their “wish list” items. Yes, they may not be able to buy their “wants” when they want them, but they will learn patience and to buy without going into debt.

Also, as soon as your child starts earning money, open a checking account for them so that they can learn how to deposit funds into their account, write checks, and balance their checkbook – which will help teach them how NOT to overdraft on their account.

Did you know that First Volunteer bankers visit our local schools to help educate our younger generation about the importance of saving money? If you would like for one of our bankers to speak in your school, contact our office or our Customer Care Center at (866)668-4700.