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Financial fitness is important and it can be fun, too!
Teaching your children financial skills is critical for their future. Good habits start early in life and the savings habit brings lifelong benefits. Kids are interested in money. Engage your children using some of these simple, fun suggestions and help them learn the value of money.
Children can learn by example and by doing. Sharing how and why your family is saving emphasizes the importance of this positing, lifelong habit.
Teach your child the importance of saving. Make their savings visible and real by having them build savings in a piggy bank or a clear jar.
Help them open their own bank savings account and make regular deposits. Some banks have kids clubs and members get newsletters in the mail or receive balloons or stickers whey they make a deposit. Another positive reward your child might enjoy is an ice cream cone or a trip to the park.
Talk to your child about the family budget. Reinforce the learning process by budgeting for a family outing or a purchase. Hold family meetings to talk about your family's expenses and ways to save. Involving your child give them practical experience and allows them to be an active participant in the buying and saving process.
Show your children how an ATM machine works. While many children know that money doesn't grow on trees, they may think it comes out of a wall. Help your kids understand that you must put money in the bank before you can take it out.
Give your kids positive feedback. As their allowance increases, give them responsibility for how they spend their money and encourage them to save.
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