24th April: Teach Your Children to Save Day

Each year in April, Teach Your Children to Save Day encourages children to develop good saving habits.

Bankers across the country volunteer every year to teach children to save. Developing these habits at a young age creates a foundation for a lifetime of saving. Involving our children with a savings plan, and money management skills prepare them for a solid future. Parents should teach children about financial matters so that when they head out into the world they avoid pitfalls that can be financially devastating. With an early start on saving and an understanding of budgeting their money, children will have solid habits as they head into adulthood.

• Give each child a bank. It helps if the bank is clear so they can see their savings grow.
• Open a savings account. They can monitor their account and watch it grow there, too.
• Show them what things costs. When they want a new toy, direct them to their savings. Ask them to consider whether to toy is worth the amount they want to spend. If they still want to purchase the item, have the child pay. The act of paying with their own money will demonstrate to them the cost of the toy.