From kindergarteners to undergraduates, succeeding in school is the top goal for any student. But beyond the classroom, it’s also important to focus on financial education.
At the start of this school year, remember to add these money lessons to your student’s curriculum at home.
1. Save and budget from an early age.
Good financial habits are created over a lifetime. Instill the value of saving and budgeting at a young age by introducing kids to the “Save, Share, Spend” concept.
Here’s how it works: When kids receive allowance or cash as a gift, instead of spending it all on a new toy, they divide their money between jars labeled “Save,” “Share,” or “Spend.” For example, 10% might go in the “Share” jar to donate to a charity of their choice. The rest can be split between the “Save” and “Spend” jars.
2. Set savings goals.
Is your child pining for a big-ticket gaming console, gadget, or toy? Teach kids to save toward their goals and help them learn the value of a dollar. Setting a savings goal also teaches kids to prioritize their wants and needs.
Work with your child to create a plan to reach their goal. Check in every week on their progress and help them see how savings can add up over time and bring you to your financial goals.
3. Make trips to the bank.
Once kids are old enough, guide them in their first steps toward financial independence by creating a joint savings account in their name.
Make deposits together at the bank and use the savings account to set money aside toward your child’s savings goals. As kids get older, they’ll be able to use their account for depositing paychecks from their first jobs.
At WaterStone Bank, we’re here to help you and your family take the right financial steps. Have you heard about our accounts tailored just for kids? No matter your child’s age, the Moola Moola Kids Club and Student Checking Program are a great way to establish strong financial habits.
4. Build good credit and plan for the future.
For older teens and college-age kids, now is the time to talk about the importance of starting to build good credit.
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