Talk to Kids about Money

By J.K. Perry

A saving account is an excellent way to get kids involved

For kids, learning the importance of money and saving is an integral lesson to ensure a bright financial future.

But just how do parents talk to little Joey or Jill about the value of money? Bankers say the best way is for parents to open and manage a saving account with their kids. The account allows young children to save for small purchases like a weekend movie ticket and eventually embrace far-ranging investments such as college or a car, said Andrea Glass, regional marketing representative for Alpine Bank.

“I think saving is an important first step in financial literacy,” Glass said. “Those who have experience in savings are much more prepared to handle their finances.”

Bankers offer these additional tips to get kids involved in money:
• Talk to kids about the family budget. Show them what it takes to save for vacation or buy a car. “There’s a lot of households where money isn’t even discussed,” Glass said. “Communication is key to teaching kids the value of money.”
• If possible, dole out an allowance when kids complete chores around the house.
• Kids should ask neighbors if they can perform odd jobs to earn an extra buck, or set up a lemonade stand.
• Collect change, deposit it into a saving account, and watch the money grow.
• School is most kids’ job, so Alpine Bank encourages elementary through high school students to earn better grades. The bank gives $10 for A’s and $5 for B’s to a select few kids who submit their report cards to the bank.

Visit www.alpinebank.com for more information.