Teaching The Importance Of Saving
Set Your Children Up for Success
At Columbia Bank, we think it should be easy to make financial health a priority from the very beginning. Your child can start developing good money management skills as early as she learns to ride a bike, and the process can be just as fun! We've gathered some of our favorite and most successful ideas to get your kids excited about banking:
- You can start talking about money with your child earlier than you think. If your little one is old enough to ask for a toy at the store, he is old enough to learn its value.
- When you feel your child is ready, begin giving her an allowance, then make it fun to start saving. Get a piggy bank or a jar specifically for your child's money so she can watch her savings grow. You can even start a couple of jars, one for spending money and one for savings. Choose a bank container that can be decorated for extra fun!
- Set savings goals. Begin by choosing a base goal. Once this amount is reached, you and your child can pay a visit to your local Columbia Bank to open a Kids Count Savings Account, where he'll love learning all about how banking works. Plus, Columbia Bank will match your child's initial deposit up to $15¹ – a much-deserved reward that will make him want to save even more!
- Help your child keep saving with incentives you create together. Whether a trip to the bank comes with ice cream, or you decide to contribute to your child's savings account by matching each dollar they save, there are tons of options that will keep money fun.
- As saving becomes a normal part of your young one's life, start introducing them to other financial concepts – different types of saving, donations, investments. Help them understand that financial health is just another part of life, albeit an important one!