TruCommunity Blog

As summer winds down and the excitement of a new school year begins, it’s the perfect time to teach your children the importance of saving money. Instilling good financial habits early can set them on a path to a secure and prosperous future.

"Teaching kids to save is something we all want to do, and parents are the best resource to help their children get started,” states Clint Welling, TruBank President. “With a few creative and fun ideas, parents can introduce their kids to this habit and make it stick so they will continue to save far into the future.”

TruBank offers five strategies on how to introduce your children to the concept of saving:

1. Piggy banks — A great way to introduce children as young as preschool age how to save is by using piggy banks, which come in a variety of fun shapes and sizes. As kids receive cash gifts from loved ones, have them store it in their piggy bank. Taking time to periodically count how much they have saved can be a powerful first lesson on the importance of saving. Having visual aid to see their savings grow can be a great motivator.
2. Earn money for completing chores — Allowances can be great, but tying those allowances to chores can teach children the importance of earning as well as saving. Paying children to complete their chores will teach them responsibility. Have them set a goal to save up to buy a specific item for the school year. By saving their earnings, they will see how hard they worked to achieve that goal.
3. Visit the bank — Bring your children with you to TruBank and show them how transactions work. Ask any TruBank employee to explain how the bank operates, how money generates interest and how an ATM works. You can even request a tour — be sure to ask to see the vault. If your child is ready, help them open their first checking or savings account while you’re there.
4. Play games — There are many board games that teach kids about money. Have a family game night and sit down to play Monopoly or some other financial-themed board game that will help them learn how to count money, make transactions, budget and more.
5. Hold a savings contest — Kids generally love competition. If you have two or more kids, have them compete each month to see who can save the most. Reward the winner with a prize. If you only have one child, have them set a goal to save a specific amount by the end of the month. If they reach their goal, give them a reward.

Start the school year off right by helping your kids learn the value of saving money using some of these strategies. Anything you can do now to help promote financial responsibility will pay dividends for them as your children get older. Visit the nearest TruBank branch to open a new youth account today, and give your child the gift of financial literacy that will benefit them for a lifetime.