Yesterday was Teach Children to Save Day. In observance, Baylake Bank is offering six tips to encourage local families to share with the young people in their lives.
1. Set the example of a responsible money manager by paying bills on time, and being a conscientious spender and active saver. Children tend to emulate their parents’ personal finance habits.
2. Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
3. Explain the difference between needs and wants, as well as the value of saving and budgeting, and the consequences of not doing so.
4. Open a savings account for your children and take them with you to make deposits, so they can learn how to be hands-on with their money management.
5. Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more progress toward the goal.
6. Engage your community. Many schools, banks, and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.