Disclosure :: Teaching our children about money, let alone saving money, is definitely a topic of interest for moms in our community. Today we are excited to bring you this sponsored post with some tips from the experts over at Hibernia Bank. Make sure you check out the exciting giveaway at the bottom of this post for a chance to win a savings account with $100 in it!
Tips For Teaching Kids to Save Money
Most children try their hardest to spend the money they receive immediately, or find it hard to grasp the concept of money altogether. Hibernia Bank has put together 5 tips for local families to encourage good money habits for their children. And, to help you get started, they’re running a simple contest for a starter savings account for your child!
Check out 5 tips to help kids learn about money after the jump:
- Match savings :: Kids generally don’t have much income. This can lead to disinterest for short attention spans. For every dollar your child saves, offer a matching contribution so they see the money grow faster. This doesn’t have to be a dollar-for-dollar match; a percentage still provides great incentive and can provide a great math lesson in the process!
- Make a savings goal chart :: Kids are visual! It helps them to understand how money adds up over time if they can see the progress they’re making towards a goal. It also gives them a sense of the importance of waiting, being patient and saving.
- Set a good example :: We know we don’t have to tell parents this, but it’s still worth mentioning – your child is a sponge and notices every little thing that you do. While they may be too young to understand how a bank account works, you can still make a “bank” of your own at home. Letting your child know you’re saving the money you put into the home bank each time you drop another dollar or coin in helps them to grasp that saving is important – even mom and dad do it.
- Make them earn it :: Even very young children can help out with small chores like putting their plastic plates in the sink or toys back into the bin. If you’re open to giving your child an allowance in exchange for chores, it can be a great way for him or her to learn about the value of money. Most allowances range from 50 cents to $1 per week according to how old the child is. For example, a 7 year old most often gets $3.50-$7 per week for completing chores.
- Talk about money :: In many families, money is a taboo subject. While you may not want to discuss your salary in front of your children, you can still generally discuss your financial plan and that you’re saving for their college fund or your own retirement, for example. This helps prepare children for the financial decisions they’ll have to make as adults and allows them to start grasping that saving is a lifelong practice.
Enter the giveaway below for a chance to win a savings account from Hibernia Bank with $100 in it!
Please note :: No purchase is necessary to win. There are no fees associated with the savings account. Sponsors are responsible for fulfilling the terms of the prize. Winner must be able to sign up for the account at one of the three local branches of the bank (2 New Orleans and 1 Metairie).
Hibernia has been giving personalized service to New Orleans and Jefferson Parish since 1903. Initially founded to provide residential mortgage loans to homeowners, over the years Hibernia has grown to become a full service bank offering a broad range of financial services to meet the needs of our customers in the New Orleans Metropolitan Area. In addition to their special brand of friendly personal service, Hibernia is known for competitive rates on loans and deposits, and for careful attention to every detail in managing your accounts.