Financial literacy is part of those important life skills that we – as parents – try to impart on our children to help them succeed in life. Unfortunately, there is no step-by-step game plan that will teach children to be responsible money managers. It takes time and effort on your part to help your children learn the healthy money habits that will last a lifetime.
But it doesn’t have to be difficult. By being candid, setting a good example and consistently talking about how money shapes your daily lives, you can help your child understand the world of finance and become comfortable in it.
As bankers we often help parents introduce their children to the world of banking and money management. Here are a few of our favorite articles that pertain to kids and money. Enjoy!
Advice for giving allowances to your kids
One of the greatest ways to teach your kids the basics of money management is an allowance. There are lots of different ways you can approach allowances. Ultimately, your best choice is what works best for your kids and your family. In this article, we share some approaches that have worked well for many parents, and could be a good match for your kids. Choose the ones that best fit your goals for your kids.
7 tips for teaching kids to save
One of the best financial lessons you can ever teach your kids is how to save money.
Once kids become fans of saving money, and learn how to do it, they’re taking a valuable step forward in building a great financial future. And as a parent, one of the most satisfying things in life is believing your kids will have a sound and successful future.
To help you get started, we’ve put together these seven tips to help your kids start saving.
How to help your child establish a credit history
These days, our economy is increasingly run on credit. If you want to get a mortgage, student loan or just want to put your dinner on a credit card, a solid credit history is needed.
That’s why it’s so important to help your child establish a good financial foundation as soon as they turn 18 and are able to begin establishing credit. Here are some things you can do to help them get a head start on their credit history …
Your child wants a credit card. Now what?
Has your child expressed interest in a credit card? If the thought of this sends shivers down your spine, you’re probably not alone. Managing credit cards can be challenging for some adults – let alone children.
But if you think giving your child a credit card is scary, letting them dive into the world of credit unsupervised is even scarier. Learn how to turn the request into an educational tool…