Take One Down, Pass It Around

Being a parent means passing along good habits, such as how to handle conflict, respect for elders, succeeding in school, etc. However, we often forget to pass along lessons and good habits around money. Therefore, make 2017 the year you start building up good habits in your children financially!

Gift Your Children With Money Confidence

When it comes to teaching your children money lessons, the earlier the better. However, even if your child is headed to college this year, now is still a good time to start teaching the financial habits needed to become a financially successful adult.

First, teach them the importance of saving. Whether they only receive allowance or have their first job, show them how a percentage of their earnings should go into a savings account for emergencies. Remind them that the account is only to look at but not touch, as it’s only to be used for true emergencies or bigger purchases.

Do you hear, “I want,” a lot from your kids? Next time you go into a store, tell them they can have one thing. If they want a toy and a candy bar, tell them they can only have one or the other—not both. This lesson helps teach them compromise, as well as restraint. It’s nice to have “wants,” but there are needs that must be met first. Wouldn’t they rather you pay for electricity instead of the new outfit you’ve been desiring for months?

Last, don’t forget to teach them, especially during this season, that it’s better to give than to receive. Maybe host a yard sale and use the cash to buy food and gifts for Christmas for a less fortunate family. Make cookies for a neighbor, or go sing carols at a local nursing home. Teach them that doing something for others can be more fulfilling than purchasing a “want” for themselves.

Pass on good checking habits to your children, too! Come by with your student to open up an A+ Student Share Checking Account!