Youth Savings and Financial Tips
Soon you’ll be planting that financial seed in your young one’s mind to watch them grow into a responsible young adult who makes great money choices. In order to do so, keeping the “financial game” as creative as possible will help your children remember that the art of saving, earning, and finances can be fun.
Start off small:
To understand how to save money, you must first teach your children what money is and what it is used for. An interesting method that can compare to spending and saving money is by using a reward system.
By using homemade coupons or cut-outs from newspapers that represent something you can reward your children with (more TV time, a special treat, playtime outside, etc.), you will have your little ones understanding that the more coupons they save, the more fun they can earn! Sound familiar? One coupon can be used towards a special show they love, while they would need to earn 4 coupons in order to watch a longer movie. This way, by the time they start working with real money, they’ll understand that they can spend and save it just like they could with their coupons.
Magnetize it:
Showing your kids the value of a dollar could be taught in many different ways. Taking a few minutes a day to familiarize your children with our currency can make all the difference! A way to make learning fun and valuable for your children could be to get a set of pennies, nickels, dimes and quarters and sticking them to the refrigerator. Money on the fridge, you ask? Why?
Each time your little one wants a snack, you can tell them the snack costs a quarter or a dime, or a penny and a nickel – and have them pay you in the magnetic coins. This way, you can teach them about distinguishing the different types of currency before you tell them what each is worth.
Stimulate the Young Mind:
Financial education children’s books are a fantastic way to get your little one engaged. Not only are they visually appealing, but they discuss various money topics in ways your children will understand. From traditional childhood entrepreneurship, to basic math, planning and money management, these books have it all. Plus, they will come from fun and loving characters that your kids will enjoy!
1. “Lemonade in Winter” by Emily Jenkins and G. Brian Karas focuses on two siblings who make the interesting choice to open a lemonade stand in the middle of winter. The book features a catchy refrain about lemonade while telling a story about how sometimes great ideas don’t turn out like you hope. The book teaches about basic entrepreneurship and a small amount of basic math!
- “Little Critter: Just Saving My Money” by Mercer Mayer focuses on when “little Critter” wants a new skateboard, Dad tells him that he needs to save his own money to buy it! From feeding the dog to selling lemonade, Little Critter learns the value of a dollar.
3.” Save, Spend, Or Donate?: A Book about Managing Money” by Nancy Loewen and Brian Jensen provides an example of children getting their allowance, and how they decide to spend, save and donate their earnings.
4. “Money, Money, Honey Bunny!” by Marilyn Sadler is a story about Honey Bunny Funnybunny who has lots and lots of money. Some she saves,some she spends on herself and some she spends on friends. In this rhyming book you’ll read about saving and spending!
5.”Boxcar Indy Goes to Doggy World” by Tracey C. Jones uses canine characters to introduce Financial Literacy and the Credit Union! This is also the same story AmeriChoice has been reading to several local classrooms during National Credit Union Youth Month. Indy the dog needs to earn 1,000 doggy dollars in order to take his family to Doggy World. The story teaches kids about decision-making, earning and saving money.
To receive a FREE copy of this book, bring your children to our highly anticipated Dollar Dog’s Birthday Bash where author Tracey C. Jones will be doing complimentary book readings with her pal Indy!