Getting younger kids on board (ages 6-12)
Open their first savings account. Children think money is fun and will be so excited to do an important, grown-up task like setting up a savings account. When they receive money for a birthday or from doing chores, talk about putting some of that money into the account. Then make an event around going together to make a deposit. This can help ingrain the physical process of saving and it can be a fun thing you can do together!
In Ms. Money & the Coins®, a musical that teaches elementary-aged children how to save, share and spend money, audience members learn about the difference between needs and wants. Look for opportunities to talk to your children about the purchases you make as a family and whether they are “needs” like healthy food and clothes or “wants” like ice cream and video games. Deciphering between needs and wants can help a child think about choices they will need to make when they spend their own money and may help them save for something that’s a need now or they know they will want in the future.
Sing Along to Needs Vs Wants with Ms. Money and the Coins® in Your Home!
Teaching teens (ages 13+)
Earning money and saving for a goal can be very empowering for teens. Talk to your teen about their interests and financial goals. Maybe they want their own car someday or need to begin saving for college. Share with them a time when YOU saved for a goal. What were the challenges you faced along the way? Did you succeed? And if not, what might have you done differently to be more successful? Talking about money, pitfalls and all, is an important step to raising financial literate teens.
Rockland Trust’s No Shame in this Money Game podcast addresses some of the shame and embarrassment we feel as adults when it comes to our finances. Some of the most quality time you have with your teen may be in the car, getting them from school to activities and so on. Try listening to a podcast and learning together. It’s never too late to learn and letting you children know that financial education is a lifelong journey is a valuable lesson.
Saving for the future
At Rockland Trust, each relationship matters and we want you to have a healthy relationship with money, at any age! Help your child get ahead in the savings game by opening a free savings account or certificate of deposit today. Be sure to check out our Learning Center to stay updated on all of our Financial Education offerings.