Posted
on Thursday, April 24, 2025
in
Financial Education
Encouraging Children to Save
April 24 is National Teach Children to Save Day. Teach Children to Save Day is a free national program - sponsored by the ABA Foundation and Reliance State Bank - that works to help young people develop a savings habit early in life. In celebration, Reliance State Bank recommends using these strategies to introduce your children to the concept of saving.
Teaching kids to save is a vital step in preparing them for adulthood, and parents are the best resource to help their children get started. By using a few creative and fun ideas, parents can help their kids build and grow this skill, preparing them for a successful financial future.
Piggy banks – Piggy banks are a simple and effective way to introduce young children to the idea of saving. Piggy banks allow the idea of saving to become tangible and visual. In addition, piggy banks come in all shapes and sizes, so parents can make saving more engaging by encouraging their child to pick out whichever one they want or by having them decorate the piggy bank.
Savings chart – Parents can also teach their children to save using a sticker chart or other visual representation. Parents can teach their children to set small, achievable goals, then use the sticker chart to track the child’s progress toward the goal. Once the child hits their goal, reward them to positively reinforce the idea of saving and to help them stay motivated. The reward could be anything from a new toy to a family movie night.
Allowance and chores – Allowances can be useful tools, especially when tied to completing age-appropriate chores. This teaches the child the importance of earning as well as saving. By incentivizing children to complete their chores, parents demonstrate that hard work and responsibility pay off in the long run.
Play games – There are many board games that teach children about the value of money. Have a family game night and play Monopoly, Life or another financial-themed board game as an easy way to explain essential money skills to children. These games may teach children how to count money, make transactions, budget and more.
Visit bank – To teach children how banks work, bring them to Reliance State Bank. Parents can show their children how they make deposits and withdrawals. In addition, parents can ask the banker to explain how the bank operates, how money is handled, and how an ATM works. Be sure to request a tour to see the bank technology, different departments, and maybe even the vault. While you’re there, help your child open their first savings or checking account if they are ready for that step.
By teaching children the importance of saving, starting at a young age, parents can set them up for a lifetime of financial responsibility. By using these strategies, parents better equip their children to reach their financial goals.
Learn More
For personalized advice or tools to support financial education, visit our Information Center or stop by a Reliance State Bank location near you.
These tips are provided by the Iowa Bankers Association
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