3 Ways to Teach Your Kids to Save Money


Published:

Photo by wk1003mike/Shutterstock

Debt in the United States is on the rise, growing about 11 percent over the past decade. In fact, according to the 2016 American Household Credit Card Debt Study, the average household is $132,529 in the red.

For a child, or even most adults, this number is almost too big to apply to real-world spending habits. As parents then, how can you set your children up for success?

Start early. Good money habits practiced at a young age means kids will have a good idea about how money works and the impact it has on their lives each day.

Open a Savings Account

My clients frequently ask, “What age should I start teaching my kids about saving?”

There’s no magic number that is perfect for every family, but I recommend around when the child begins elementary school. At this point, they’ve received gifts of money or gift cards and possibly earn an allowance. They are more likely to have made purchases and also have thought about things they want for future birthdays or holidays.

Opening a savings account teaches kids how to be responsible with their money and provides a tangible way to work toward their goals.

Make sure to look for an account with minimal fees, including a low minimum amount to open and no monthly charges. This is important as your child will likely start off with a small balance.

Make It Fun

Delayed satisfaction can be hard, so incorporate ways to make saving money fun.

Consider taking your child into the bank to meet with an associate, for example. As an employee at a community bank, I take pride in meeting with even our youngest customers. A team member can talk through the savings account and congratulate him or her on the huge step. Once the account is open, you can also make an event out of each monthly bank statement to celebrate the rising balance.

Another fun way to motivate kids to keep saving is to set a goal of something big they really want, such as a new bike.

Establish the amount they need to save and track against that amount each time they make a deposit. This provides the encouragement that keeps them on track for their goal and reinforces the reason to skip impulse purchases such as candy and small toys.

By learning this valuable lesson, your children will begin positive behaviors that will benefit them later in life when they decide to buy a car or their first home. 

Engage Your Teens

High school is a great time to introduce children to a checking account, if they don’t have one already. Checking accounts are the perfect spot to deposit paychecks from their first job, and it gives them access to a debit card with their account, making purchases and withdraws more manageable for both you and your child.

As they near the end of their high school career, students should start considering their first credit card or a secured card, as it’s important to build credit worthiness early and take a responsible approach to credit.

Alternately, many banks offer a prepaid card specifically for students, which allows parents to designate the amount of money available and transfer funds as needed through online banking. This can be a good option — with built-in flexibility but minimal risk — to keep college students from racking up debt.

Keep It Regular, and Positive! 

Don’t stress over how much your child is saving each month, especially in the beginning.

Regular contributions are good no matter how small they are and will help teach children how to prioritize their personal finances.


Kim O’Quinn is the branch manager of the Apex First Bank location. Established in 1935, First Bank is a North Carolina-born, full-service community bank with more than 90 branches across the Carolinas, including branches in Apex, Fuquay-Varina and Pittsboro, and one opening in Raleigh in the spring. The First Bank team is committed to providing best-in-class financial solutions with a hometown touch. Learn more at localfirstbank.com.

 

Edit ModuleShow Tags

Related Content

Don’t Cry Over Spilled Grits

Health scare adds perspective and gratitude for simple acts such as walking the dog.

Parental Obesity Associated With Early Childhood Development Delays

Findings based on study that analyzed the data based on screenings of more than 4,800 children.

Tips for Pregnant and New Moms

Advice for maintaining a healthy pregnancy
Edit ModuleShow Tags
Edit ModuleShow Tags

Calendar

February 2017

Join park staff in collecting data for the 20th annual Great Backyard Bird Count. We will look and listen for birds in a variety of habitats, and keep track of how many individuals of each species...

Cost: Free

Where:
Lake Crabtree County Park
1400 Aviation Pkwy.
Morrisville, NC  27560
View map »


Sponsor: Lake Crabtree County Park
Telephone: 919-460-3355
Contact Name: Carol Cunningham
Website »

More information

Take part in a class that teaches individualized ways to foster motor development for your child. Learn about tummy time alternatives, best positions for your baby, how to help your child learn to...

Cost: $18

Where:
Open Arts
1222 Copeland Oaks Dr.
Morrisville, NC  27560
View map »


Sponsor: Babies On The MOVE
Contact Name: Rebecca Quinones
Website »

More information

Families celebrate Purim with bagels, fruit and Hamantaschen. Kids enjoy Purim-related activities,  music and more. Costumes encouraged.

Cost: $8/family, member; $12/family, nonmember

Where:
Raleigh-Cary Jewish Community Center
12804 Norwood Rd.
Raleigh, NC  27613
View map »


Sponsor: Raleigh-Cary Jewish Community Center
Telephone: 919-676-6170
Contact Name: Jill Lokitz
Website »

More information

Take part in a class that teaches individualized ways to foster motor development for your child. Learn about carry positions, best positions for your baby, how to help your child learn to crawl,...

Cost: $18

Where:
Open Arts
1222 Copeland Oaks Dr.
Morrisville, NC  27560
View map »


Sponsor: Babies On The MOVE
Contact Name: Rebecca Quinones
Website »

More information

Learn how to creatively attach air plants to scrap wood. Combine reuse and living art and learn about how to care for air plants. All materials are provided, including plants. Register online....

Cost: $25

Where:
The Scrap Exchange
2050 Chapel Hill Rd.
Durham, NC  27707
View map »


Sponsor: The Scrap Exchange
Telephone: 919-213-1278
Contact Name: Anna Graves
Website »

More information

Join a park naturalist on a one-mile hike around Yates Mill Pond and help to identify and count the birds that we see along the way. Learn how to identify backyard birds by sight, sound and other...

Cost: Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Rd.
Raleigh, NC
View map »


Telephone: 919-856-6675
Website »

More information

Enjoy the tale of a young mermaid with the dulcet voice who risks it all for love in a daring deal with a vengeful sea witch. Purchase tickets online.

Cost: $30-$89

Where:
Fletcher Theater
2 E. South St.
Raleigh, NC  27601
View map »


Sponsor: Carolina Ballet
Telephone: 919-719-0900
Website »

More information

Discover birds along the trails and pond. All ages. Meet at the Longleaf Shelter. Registration required.

Cost: $1/person

Where:
Harris Lake County Park
2112 County Park Dr.
New Hill, NC
View map »


Telephone: 919-387-4342
Website »

More information

Show More...
Show Less...

Join park staff in collecting data for the 20th annual Great Backyard Bird Count. We will look and listen for birds in a variety of habitats, and keep track of how many individuals of each species...

Cost: Free

Where:
Lake Crabtree County Park
1400 Aviation Pkwy.
Morrisville, NC  27560
View map »


Sponsor: Lake Crabtree County Park
Telephone: 919-460-3355
Contact Name: Carol Cunningham
Website »

More information

Learn about the bald eagle and hike to the fishing pier to view eagles soaring high. All ages. Meet at the Longleaf Shelter. Registration required.

Cost: $1/person

Where:
Harris Lake County Park
2112 County Park Dr.
New Hill, NC
View map »


Telephone: 919-387-4342
Website »

More information

Ages 3-5 enjoy stories.

Cost: Free

Where:
Quail Ridge Books
4209-100 Lassiter Mill Rd.
Raleigh, NC  27609
View map »


Website »

More information

Enjoy games, crafts and hikes. Take a picnic lunch. All ages. Dress for outdoor fun. Meet at the Longleaf Shelter. Registration required.

Cost: Free

Where:
Harris Lake County Park
2112 County Park Dr.
New Hill, NC
View map »


Telephone: 919-387-4342
Website »

More information

Spend the afternoon learning all about birds. Go on a bird behavior scavenger hunt, play a migration game, and learn how to identify common species on the lake and at the feeder. Make suet. Ages...

Cost: Free

Where:
Lake Crabtree County Park
1400 Aviation Parkway
Morrisville, NC  27560
View map »


Sponsor: Lake Crabtree County Park
Telephone: 919-460-3355
Contact Name: Carol Cunningham
Website »

More information

Show More...
Show Less...

Toddlers enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Mr. Panda is making a surprise. What is it? The animals must wait and see. But waiting is boring. Mr. Panda shows that good things come to those who wait. Read the story about patience.

Cost: Free

Where:
Barnes & Noble
760 S.E Maynard Rd.
Cary, NC  27511
View map »


Website »

More information

Babies enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Kids ages 12-18 interested in learning about the sport can get into boats and learn how to row. Students and parents can also meet the club's rowers and coaches. Novice and experienced...

Cost: Free

Where:
Lake Wheeler Park
6404 Lake Wheeler Rd.
Raleigh, NC  27603
View map »


Website »

More information

Show More...
Show Less...

Toddlers enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Babies enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Kids ages 12-18 interested in learning about the sport can get into boats and learn how to row. Students and parents can also meet the club's rowers and coaches. Novice and experienced...

Cost: Free

Where:
Lake Wheeler Park
6404 Lake Wheeler Rd.
Raleigh, NC  27603
View map »


Website »

More information

The library's Teen Leadership Corps hosts an opportunity for kids of all ages to come build something special with Lego and Duplo bricks, and play games to improve reading and math skills.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Listen to a story in English and Spanish and meet  animals.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Show More...
Show Less...

Parent and child enjoy a craft, activity and guided walk along the greenway. Ages 2-6.  Register online. Choose course #199100.

Cost: $3

Where:
Walnut Creek Wetland Center
950 Peterson St.
Raleigh, NC  27610
View map »


Sponsor: City of Raleigh Parks, Recreation and Cultural Resources
Telephone: 919-996-2760
Contact Name: Stacie Hagwood
Website »

More information

Preschoolers enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Moms meet other moms for support and friendship. Drop-in program.

Cost: Free

Where:
Grow, The Family Boutique
2885 Jones Franklin Rd
Raleigh, NC  27606
View map »


Telephone: 919-803-3521
Contact Name: Heather Dickens
Website »

More information

Help park staff with citizen science projects. Take a water bottle and wear sturdy shoes. Ages 8-10 with adult; 11 years and older adult optional. Meet at the Cypress Shelter. Registration required.

Cost: Free

Where:
Harris Lake County Park
2112 County Park Dr.
New Hill, NC
View map »


Telephone: 919-387-4342
Website »

More information

Kids ages 12-18 interested in learning about the sport can get into boats and learn how to row. Students and parents can also meet the club's rowers and coaches. Novice and experienced...

Cost: Free

Where:
Lake Wheeler Park
6404 Lake Wheeler Rd.
Raleigh, NC  27603
View map »


Website »

More information

Show More...
Show Less...

Chase away the winter blues with a hike through the winter garden. After the walk, warm up inside with a book and winter craft. Meet at the visitor center. Ages 3-12. Register online.

Cost: $5/child

Where:
JC Raulston Arboretum at NC State University
4415 Beryl Rd.
Raleigh, NC
View map »


Telephone: (919) 513-7011
Contact Name: Elizabeth Overcash
Website »

More information

Join others for an easy paced hike around the greenway. Ages 3 and younger; older siblings, strollers and leashed pets welcome. Register online. Choose course #199059.

Cost: Free

Where:
Walnut Creek Wetland Center
950 Peterson Street
Raleigh, NC  27610
View map »


Sponsor: City of Raleigh Parks, Recreation and Cultural Resources
Telephone: 919-996-2760
Contact Name: Stacie Hagwood
Website »

More information

A wonderfully kid-paced hour featuring music, play and dancing with toddler stars singing on the mic at Cotton's gently amplified & participatory music show. Children delight in...

Cost: Free with admission

Where:
Pump It Up Raleigh
10700 World Trade Blvd, #112
Raleigh, NC  27617
View map »


Sponsor: Pump it Up
Telephone: 919-828-3344
Contact Name: Owner/manager Kellie Paterson McHugh
Website »

More information

Learn about wolves, coyotes and foxes. Take a hike to look for tracks and signs. Make casts of canid feet to take home. Ages 9-13. Register online. Choose course #199997.

Cost: $5/child

Where:
Wilkerson Nature Preserve
11408 Raven Ridge Rd.
Raleigh, NC
View map »


Telephone: 919-996-6764
Website »

More information

Kids ages 12-18 interested in learning about the sport can get into boats and learn how to row. Students and parents can also meet the club's rowers and coaches. Novice and experienced...

Cost: Free

Where:
Lake Wheeler Park
6404 Lake Wheeler Rd.
Raleigh, NC  27603
View map »


Website »

More information

Show More...
Show Less...

Kids can drive their futures at the fourth annual Marbles Future Me Kids Career Fair, which introduces children to real-life architects, bakers, dentists, engineers, news reporters,...

Cost: $5 ages 1 and older

Where:
Marbles Kids Museum
201 E. Hargett St.
Raleigh, NC  27601
View map »


Website »

More information

Ages 3-5 enjoy play-based activities in English and Spanish to prepare for kindergarten.

Cost: Free

Where:
Athens Drive Community Library
1420 Athens Dr.
Raleigh, NC
View map »


Website »

More information

Kids ages 12-18 interested in learning about the sport can get into boats and learn how to row. Students and parents can also meet the club's rowers and coaches. Novice and experienced...

Cost: Free

Where:
Lake Wheeler Park
6404 Lake Wheeler Rd.
Raleigh, NC  27603
View map »


Website »

More information

Families enjoy stories.

Cost: Free

Where:
East Regional Library
946 Steeple Square Ct.
Knightdale, NC  27545
View map »


Website »

More information

Celebrate the magic of storytelling on Disney Reads Day. Read popular Disney stories and take part in fun activities to inspire your imagination. Enjoy giveaways, including stickers, bookmarks and...

Cost: Free

Where:
Barnes & Noble
760 S.E Maynard Rd.
Cary, NC  27511
View map »


Website »

More information

Celebrate Mardi Gras with a walking parade, children's activities and contests. All ages.

Cost: Free

Where:
Downtown Wake Forest
S. White St.
Wake Forest, NC  27587
View map »


Website »

More information

Join park staff and search the park for snowflakes and ice crystals. Explore the unique shapes of snowflakes and view ice crystals under microscopes, then construct your own paper snowflake or ice...

Cost: Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Rd.
Raleigh, NC
View map »


Telephone: 919-856-6675
Website »

More information

Kids learn to code in a free workshop. Register online. Sign up for a summer camp during the event and save $100.

Cost: Free

Where:
theCoderSchool
201 Davis Grove Circle
Cary, NC  27519
View map »


Website »

More information

Take a magical journey through China's divine culture. Classical dance, music and storytelling highlight this live show.

Cost: $70-$150

Where:
Raleigh Memorial Auditorium
2 E. South St.
Raleigh, NC
View map »


Website »

More information

Delivered is a community workshop centered on educating, empowering and encouraging women to plan and achieve their most optimal birth plan. The workshop will introduce attendees to the benefits of...

Cost: Free

Where:
Davis Family Chiropractic
7901 Strickland Rd.
Ste 104
Raleigh, NC  27615
View map »


Sponsor: Davis Family Chiropractic
Telephone: 919-615-2257
Contact Name: Dr. Alisha Davis
Website »

More information

Raleigh Little Theatre's troupe performs the story of Cher Ami, a pigeon who saved American soldiers during World War 1 by carrying a message for help. Ages 5 and older.

Cost: Free

Where:
N.C. Museum of History
5 E. Edenton St.
Raleigh, NC  27601
View map »


Website »

More information

Enjoy a fast-paced and accessible introduction to many influential black Americans who have shaped the nation over the last 150 years. Grades pre-K-5.

Cost: Free

Where:
Chapel Hill Public Library
100 Library Dr.
Chapel Hill, NC  27514
View map »


Website »

More information

Take a magical journey through China's divine culture. Classical dance, music and storytelling highlight this live show. Purchase tickets online.

Cost: $70-$150

Where:
Raleigh Memorial Auditorium
2 E. South St.
Raleigh, NC
View map »


Website »

More information

Show More...
Show Less...
Edit Module

Magazine

Edit ModuleShow Tags
Edit ModuleShow Tags

Directories

Edit ModuleShow Tags Edit ModuleShow Tags

Annual Guides

GPS [Go. Play. See]

GPS, soon to be replaced by The Triangle Go-To Guide, connects you to all the Triangle has to offer, from museum expansions to new parks and schools to youth sports and family fun. Plus, discover our 2016 Readers' Favorites.

Education Guide

The 2016-17 Education Guide offers 643 education resources in the Triangle, including area preschools, private schools, public school systems, charter schools, boarding schools and academic resources.

The Triangle Go-To Guide

The Triangle Go-To Guide will replace the GPS in 2017 and continue to connect you to family fun resources across the Triangle. Plus, find out who our 2017 Readers' Favorites are.