Teaching Your Child The Importance of Saving

Encouraging children to save money at an early age helps them develop solid financial habits that they will carry on into their teen years and eventually, adulthood.

In this episode we chat with Triangle Credit Union Financial Services Representative and mother of two, Lori, who shares what she has learned over the years about teaching her children the importance of earning and saving money.

Important notes:

• Encourage kids to find ways to earn money doing side jobs for friends and family.
• Training kids to get in the habit of saving money can help them make well-informed and educated purchasing decisions.
• Use a clear jar or container to collect the money so kids will watch the level increase as the coins collect in the jar.
• Use the Debit Card Manager App and mobile banking to help manage your teen’s spending and saving.
• Open a Flex CD for your child, add money over the life of the CD, and watch the amount increase as they get older.

 

Links:

• Learn more about our Kids and Teen Club accounts
• Download a free $5.00 first deposit coupon to use when you open a Kids or Teen club account
• Interested in a 529 plan for college saving? Contact Triangle Financial Group to learn more
• View the episode transcript

 

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