This Thursday is National Teach Children to Save Day. What a great chance to talk about this important life skill! The National Day Calendar website offers the following tips for the day:
- Give each child a bank. It helps if the bank is clear so they can see their savings grow.
- Open a savings account. They can monitor their account and watch it grow there, too.
- Show them what things costs. When they want a new toy, direct them to their savings. Ask them to consider whether to toy is worth the amount they want to spend. If they still want to purchase the item, have the child pay. The act of paying with their own money will demonstrate to them the cost of the toy.
- Demonstrate need versus want. Explain how our food, clothing, and shelter are necessities. However, we can live without going out to eat or buying a new television or the latest phone. Place the needs before the wants even in your daily shopping.
The Junior Achievement website, https://www.juniorachievement...., provides elementary, middle, and high school resources parents can choose to use for this day or any other time wish to discuss financial literacy at home.