Give a Gift that Lasts
As an adult, you know how important saving money is and how it can impact your future goals. But when did you start saving money? Was it when you got your first job in high school or when you started making a salary or when you started your own business? No matter when you started, one thing’s for sure: you could have started saving sooner.
Take a moment and think about the kids in your life, whether it’s your own, your niece/nephew, grandkids, or godchildren. Now, think about where they could be financially in 20 years if they started saving money today. Believe it or not, you can help them with this journey and give them a gift that lasts — teaching them about money and opening a Star Savers account.
Teach them basic money skills
We teach kids manners, how to tie their shoes, and how to brush their teeth — all important skills they’ll need as adults. But why aren’t we teaching them how to spend and save their money? Money is a part of our lives from beginning to end so we should approach it the same way as these other life skills.
What is money?
It’s never too soon to start talking about money. If your kids are young, you can start by teaching them about coins, dollars, and their value. If they are older and see you swiping your own debit or credit card, share details about they are, where the money comes from, and the responsibility that comes with owning them.
What to save for
Saving money can be a hard concept for kids to grasp because they can’t see what they are saving for. Give them some ideas of things they can save for, such as:
- Toys and games they want for themselves
- Gifts for family members’ birthdays
- Car fund or college fund
The sooner you can start this conversation, the more likely they’ll think of the future and save some money rather than spending it all in one place.
Encourage them to save
Kids always get money for their birthday, Christmas, and graduations. That’s a great time to share the importance of spending and saving. Let’s say they get $20 as a gift, encourage them to set $5 or even $10 aside for their savings. If they start a summer job, encourage them to automate their savings into a separate account.
Remind them often
Kids tend to have short attention spans, so a big part of teaching money skills is teaching them early and reminding them often. Ask them how much of the $50 birthday gift from grandpa they want to put into savings and talk about what they are saving for. The sooner you can instill a positive relationship with money, the more likely it’ll create good habits.
Open a Star Savers account with them
At Farmers & Merchants Bank, we know the kids in your life mean a lot to you and we wanted to offer an account that’s designed with them in mind. Kids from birth to age 19 can have a Star Savers savings account, but it’s not just a normal savings account.
As a Star Saver, kids learn how to save and spend their money and receive fun perks and surprises in the mail (like sweet treats, toys, and a birthday card with a gift) — all with the theme of saving money for the future.
The well-being of the kids in your life, now and as they grow up, are important to you and when you teach them money skills early in life, you’re helping their futures.