You want your kids to have all the advantages in life, right? Of course you do! The best teachers. The best extracurricular activities. The best friends.
But in all the hustle and bustle of daily life – soccer practice, slumber parties and camping trips – you can forget to teach your kids one key lesson that will help them no matter what career they choose or where they decide to live. And that’s how to be money-smart.
Teaching your kids the value of money and showing them how to share, save and spend smart are vital for preparing them for the real world. Introducing kids to saving early on helps build a foundation that’ll remain for the rest of their lives. In addition to following the example you set for them, showing them how to save their own allowances and gifts in the “Save jar” helps them see how far a dollar really goes. Kids need to understand impulse control when it comes to money to avoid being teenagers or college students who become riddled with debt.
Showing kids how to “share the wealth” is also important. Making donations and giving charitably are foundations that’ll last throughout a child’s life when learning at an early age. Encouraging children to share even a small portion of their earnings makes them feel good about money and helping others. It teaches them the world is a big place and there are a lot of people who need assistance.
And, of course, there’s spending too. Teaching kids how to spend smart and distinguishing between what they need to buy and what they want to buy are crucial. It’s easy for kids to purchase the first things they see. Separating spending money from savings rewards them for their efforts while still showing them they don’t need to buy every toy they see.
Still not sure where to start?
A great one is our Money Mammals Kids Club. Its mission is to empower parents to give their kids a strong understanding of money from an early age.
Money Mammals features Joe the Monkey, Clara J. Camel, Piggs the… well, you get the idea… and more. They’re kids, too, navigating the world of savings and allowances with all the characteristic foibles and faux pas along the way.
Joe and his friends teach your kids to share, save and spend smart, using fun games, puzzles and contests. Your kids will be playing without even realizing they’re absorbing key life skills.
Plus, the club has great educational resources for parents too. It offers a book for purchase, The Art of Allowance: A Short, Practical Guide to Raising Money-Smart, Money-Empowered Kids, as well as a free podcast of the same name that addresses topics like how much allowance to give, the role of chores and even how to talk to your kids about investing.
The club itself is a great way to connect with your kiddos as well. They’ll receive a newsletter every quarter filled with engaging puzzles involving math and money. But the fun doesn’t stop there! The club features mobile apps and a website offering a robust section of online games aimed at kids of different ages so everyone can find the perfect activity.
Interested in joining Joe and friends?
Simply bring your little Money Mammal into one of our branches to open a Savings account!