Presentations include games and hands-on activities covering the concept of saving, how interest makes money grow, budgeting and needs versus wants. Help them open up their own bank savings account and make deposits regularly. Make going to the bank a fun activity. Some banks have kids clubs where members get newsletters or receive balloons when they make a deposit. If your bank doesn t offer this, use another positive reward that your child might enjoy such as an ice cream cone or a trip to the park.
Kids love to get mail, so keep an eye out for their monthly statement.
Talk to your child about the family budget. And include a discussion on wants and needs. Reinforce this by budgeting for a family outing or purchase. Involve children in spending decisions by holding family meetings about savings. This gives kids practical experience and lets them to be an active participant in the buying and saving process.