Get Your Kids Excited About Saving!

by PrimeWay
Kid Savings

Getting kids excited about saving early is important if you want them to develop healthy habits for their adult life.

Help prepare them for a bright, financially secure future by using the tips below!

Seeing is believing.

If your kids see you saving and are able to actually see you reaping the benefits of saving money, they will definitely be more likely to save as well. So be sure to include them in the actual saving action!

  1. Take them to the store with you. Make the lists together and let them clip and store the coupons! Ask them about ways you all can save even more money.
  2. Discuss the difference of prices of similar items. Explain to them the reasons why the items are priced differently.
  3. Be sure to show them how much money you saved at the end of the trip to the store, and if possible buy them something that they want with the money you all saved together. This teaches them that saving money can be rewarding in the end.
  4. Take them to the nearest PrimeWay Federal Credit Union and open up a youth savings account. Let them help open the account, sign forms and make plans for their future with you. Seeing and experiencing this process will excite them, and let them know that you are serious about their financial future.
Kids Accounts for Early Financial Education

Kids Accounts for Early Financial Education

Good financial habits start early.

Kids under 12 must go beyond the piggy bank and learn about the value of savings, spending, and even compound interest. They’re never too young to start!

Learn More

Make them spend their own money.

Kids will always ask for you to buy them things that they want, but flip the situation around on them sometimes, and suggest that they buy the things themselves. It’ll be funny to see them reason with themselves and determine if they actually need the things. 

They also need to learn by DOING; just having someone tell them how to spend their money isn’t enough. Give them an allowance if necessary and allow them to budget the money as they please.

  1. Always try and help them find sales, coupons, discounts and more affordable options for the things they really want. This way you encourage and guide from a distance without overwhelming them with your help. Don’t forget to offer options like lesser known brand names that feature the same/ similar features as the thing they want; always encourage them to shop around and never accept the very first price.
  2. Help them develop a budget to make their dollars stretch and to make sure they are able to develop a balance of wants and needs.
  3. When your kids want something really expensive, offer to help them by paying for the basic version of whatever it is and letting them pay for the extras/upgrades.
Get Your Kids Excited About Saving!

Getting kids excited about saving early is important if you want them to develop healthy saving habits for their adult life.

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Talk to them.

Having a simple discussion about money, credit cards, budgeting, saving and any other financial topic can really help the kids in your life. This is the tip that requires the least work, but probably has the biggest impact.

A simple conversation or casual question and answer session with a kid can change their entire perspective. Keep an open, ongoing conversation about finances and the future with the kids in your life. If they know you are interested in planning the future, they will be too.

Author Bio

PrimeWay

Since 1937, PrimeWay Federal Credit Union has been a not-for-profit organization dedicated to providing superior financial services to members in the Houston area. We offer more personalized services than you'll traditionally find at more conventional financial institutions. Our hallmarks are low interest rate loans, higher dividends on deposits and excellent member services.

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