Tips to help teach your child to save money
Published: Apr. 24, 2017 at 9:23 PM EDT|Updated: Apr. 25, 2017 at 7:46 AM EDT
WILMINGTON, NC (WECT) - Teach Your Child to Save Day is Friday, April 28.
April Query from the College Foundation of North Carolina shared these tips for you and your family on WECT News First at Four.
- Start early. Kids are naturally curious, so a quick budgeting or saving lesson while you're going about your day can make a difference.
- Make children a part of family budgeting. Help them see how you decide what to spend your money on and how you accomplish your financial goals.
- Help kids learn to defer gratification. Most adults know that sometimes you have to wait a while to be able to afford the things you really want. The earlier your kids learn this lesson, the better off they'll be when they become independent and are confronted with financial choices of their own.
- Show, don't tell. It's one thing to advise your children to save, but it will make more of an impact if you take action and actually put money away. Save for things, such as their college education and your retirement, to drive home the point that you can accomplish more with money you saved over time.
- Share the goal of saving for college with your child. Particularly in the month of April, if a tax refund is available, show your child you are investing this money in his or her future. Perhaps start talking with grandparents and other family members who may want to contribute to the child's college savings too instead of giving toys or clothes on holidays or birthdays.
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