SeaComm Federal Credit Union OFFICIAL BLOG

4 Ways to Teach Your Children About Money

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It’s never too early to begin teaching children about money. Continue reading for 4 simple ways you can help your children to develop a positive financial future!

 

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Start with a piggy bank. A piggy bank is a great way to encourage your children to save, while giving them an easy way to do it. Instruct them to save and collect coins or their allowance, and apply it to the piggy bank until it’s completely full! Once it’s full, they can deposit the money at SeaComm and watch their savings grow!

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Open a Moola Moola. Teach your kids that saving can be fun with a SeaComm Moola Moola Account! Your child will receive quarterly statements, have online access to their account, and even earn dividends on balances over $5! To learn more, click here.

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Create a timeline with specific goals. If your child receives an allowance or earns money, talk with them about a financial goal they would like to reach. How much money would they like to save? Is there something in particular they would like to buy? Set a goal completion date, and help them monitor their financial progress along the way!

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Lead by example. Studies have shown that money habits in children are formed by the time they reach the age of 7. Whether you are frugal or shop carelessly – they will notice, and likely replicate that same relationship with money. It’s important to set a healthy example for them, so they’ll be much more likely to have a successful financial future.

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