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
Edit ModuleShow Tags

Related Content

Fun Things to Do With the Kids Sept. 9-12

Sept. 16-19: Leaders Unite, Superhero Fun, Family Meditation Hour and Game On!

Weekend Family Fun Across the Triangle

Sept. 13-15: A Critter Carnival, the City of Oaks Pirate Fest, Eye Spy, a Sensory Friendly Concert and Family-Friendly Art Gallery Tours are happening this weekend.

Pumpkin Patches, Hayrides, Corn Mazes, Halloween and Trick-or-Treat Events

Enjoy pumpkin patches, hayrides and corn mazes, trick-or-treat events and Halloween fun in and around the Triangle.
Edit ModuleShow Tags
Edit ModuleShow Tags

Calendar

September 2019

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: 24.00

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


Sponsor: Babies On The MOVE
Website »

More information

Join Mindful Families of Durham, a Buddhist-inspired spiritual community that supports area parents, caregivers, and their children in the practice of mindfulness and the understanding of the...

Cost: Free

Where:
Erwin Road
Durham, NC  27705
View map »


Sponsor: Mindful Families of Durham
Contact Name: Adam, Laura, Josh, Sumi
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: 24.00

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


Sponsor: Babies On The MOVE
Website »

More information

Celebrate Latino culture in Durham.

Cost: Free

Where:
Compare Foods Parking Lot
2000 Avondale Dr.
Durham, NC
View map »


Website »

More information

Enjoy sweets from over 20 vendors for humans and pets.

Cost: Free

Where:
City Market
214 E. Martin Street
Raleigh, NC  27610
View map »


Sponsor: Jay's Italian Ice
Telephone: 919-780-4169
Contact Name: Jay Jones
Website »

More information

Discover Historic Yates Mill—a place of business, community, and exciting local history! Watch a brief slideshow, then explore the inner workings of the mill itself and witness the power of...

Cost: $5/Adult, 4$/Senior (60+), $3/Child (7-16), 6&Younger Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Road
Raleigh, NC  27603
View map »


Sponsor: Historic Yates Mill County Park
Telephone: 919-856-6675
Website »

More information

See Peppa Pig and her friends embark on a new adventure in this live stage show. Purchase tickets online. 

Cost: $29.50 and up

Where:
Durham Performing Arts Center
123 Vivian St.
Durham, NC  27701
View map »


Website »

More information

See Peppa Pig and her friends embark on a new adventure in this live stage show. Purchase tickets online. 

Cost: $29.50 and up

Where:
Durham Performing Arts Center
123 Vivian St.
Durham, NC  27701
View map »


Website »

More information

Show More...
Show Less...

Practice your ABCs and develop your fine motor skills through games and hands-on activities. Play a letter game and go on a scavenger hunt!  For ages 18 months–3 years (with an...

Cost: Free

Where:
Crowder County Park
4709 Ten-Ten Road
Apex, NC  27539
View map »


Sponsor: Crowder County Park
Telephone: 919-662-2850
Website »

More information

Show More...
Show Less...

These programs are open to students 6–12 years old. Parent/guardians are welcome to stay for the program or drop-off. Preregistration is required. Discover the amazing world of mushrooms and...

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

Show More...
Show Less...

Join park staff for an informal fishing experience for the whole family. Bring your own poles or borrow one of ours through the Tackle Loaner Program. Bait and basic instruction are provided. All...

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

Robert Gibbs discusses his latest book, "Charlie Thorne and the Last Equation." Ages 8-12. Purchase the book from Quail Ridge to reserve two seats for the event and a...

Cost: Free

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


Website »

More information

Show More...
Show Less...

Join us to make moveable miniature skating figures that light up!  Space is limited. To register, call 919-245-2532. Grades 3-5.

Cost: Free

Where:
Orange County Main Library
137 W Margaret Ln
Hillsborough, NC  27278
View map »


Sponsor: Orange County Public Library
Telephone: 919-245-2539
Contact Name: Libbie Hough
Website »

More information

Show More...
Show Less...

We are Voted BEST consignment sale in the Triangle and TOP 10 in the NATION!! Our sale features Children's Clothing including a wonderful boutique section, costume section, and coats section,...

Cost: Free

Where:
Cary Towne Centre
1105 Walnut St
Cary, NC  27511
View map »


Sponsor: Kids EveryWEAR Consignment Sale
Contact Name: Gail Walker
Website »

More information

Enjoy a free sunset movie by the picturesque Lake Raleigh. Take a picnic blanket, lawn chairs and a non-perishable food donations (human and pet) on Fridays in September to NC State's...

Cost: Free

Where:
Lake Raleigh Meadows
Campus Shore Dr.
Raleigh, NC  27606
View map »


Sponsor: VisitCentennial
Telephone: 704-651-3179
Contact Name: Jude DesNoyer
Website »

More information

Show More...
Show Less...

Each year more than 30,000 visitors come to BugFest to experience over 100 exhibits, crafts, games and activities. This year's theme is beetles. Interact with entomologists and other scientists...

Cost: Free

Where:
North Carolina Museum of Natural Sciences
11 W. Jones St.
Raleigh, NC  27601
View map »


Telephone: 919.707.9800
Website »

More information

Each year more than 30,000 visitors come to BugFest to experience over 100 exhibits, crafts, games and activities. This year's theme is beetles. Interact with entomologists and other...

Cost: Free

Where:
North Carolina Museum of Natural Sciences
11 W. Jones St.
Raleigh, NC  27601
View map »


Telephone: 919.707.9800
Website »

More information

Take part in a pop-up Stroller Barre class followed by a nature scavenger hunt for kids and socializing for moms. Suitable for pregnant mamas. Take a sturdy stroller (no jogger needed!),...

Cost: $5

Where:
Piney Wood Park
400 E. Woodcroft Pkwy
Durham, NC  27713
View map »


Sponsor: FIT4MOM West Raleigh Durham
Telephone: 984-329-5970
Contact Name: Jenine N Pearson
Website »

More information

Give rugby a try. Take part in tag rugby pick-up games every Saturday morning at Baileywick Road Park, near the Second Shelter.  No experience necessary. All ages. 

Cost: Free

Where:
Baileywick Road Park
9501 Baileywick Rd
Second Shelter Field
Raleigh, NC  27615
View map »


Sponsor: Raleigh Redhawks Rugby
Contact Name: denise travis
Website »

More information

Please join us for our 27th annual Triangle Festival of Hope & Walk to De-feet Dementia at Knightdale Station Park. The 1-mile walk through the park, or 1/4 mile shorter version, will begin...

Cost: Free

Where:
Knightdale Station Park
810 N First Ave
Knightdale, NC  27545
View map »


Website »

More information

Family fun for all ages includes more than 100 delicious food and craft vendors, free children's activities, live demonstrations and all genres of music from local and regional bands. 

Cost: Free

Where:
Main Street Creedmoor
301 N. Main St.
Creedmoor, NC  27522
View map »


Sponsor: City of Creedmoor
Telephone: 919-764-1013
Contact Name: Angie Perry
Website »

More information

We are Voted BEST consignment sale in the Triangle and TOP 10 in the NATION!! Our sale features Children's Clothing including a wonderful boutique section, costume section, and coats section,...

Cost: Free

Where:
Cary Towne Centre
1105 Walnut St
Cary, NC  27511
View map »


Sponsor: Kids EveryWEAR Consignment Sale
Contact Name: Gail Walker
Website »

More information

Visual artists from near and far will showcase their work, and 75 performing arts groups provide continuous music, dance and entertainment throughout the festival including extended Saturday...

Cost: $5 suggested donation; free for children under 12

Where:
Durham Arts Council
120 Morris Street
Durham, NC  27701
View map »


Sponsor: Durham Arts Council
Telephone: 919-560-2719
Contact Name: Susan Tierney
Website »

More information

Step back in time with our 19th-century costumed interpreters and watch the millstones at work grinding corn into meal. Tour fee: $5/Adult, $4/Senior (ages 60 & over), $3/Child (ages 7-16),...

Cost: $5/Adult, 4$/Senior (60+), $3/Child (7-16), 6&Younger Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Road
Raleigh, NC  27603
View map »


Sponsor: Historic Yates Mill County Park
Telephone: 919-856-6675
Website »

More information

Enjoy local bands, arts and crafts vendors, car show, kids' area, fun contests and games, plus a barbecue cook-off contest featuring veteran cooking teams.

Cost: Free

Where:
River Park
114 E. Margaret Ln.
Hillsborouh, NC  27278
View map »


Website »

More information

This family-oriented event includes corn milling demonstrations and costumed tours of Yates Mill, and other event activities including a fun children’s scavenger hunt activity, live music and...

Cost: Free, though there is a $3-5 fee for mill tours

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Road
Raleigh, NC  27603
View map »


Sponsor: Historic Yates Mill County Park
Telephone: 919-856-6675
Website »

More information

For almost 200 years, farmers brought their wheat and corn to what is now Yates Mill to have their grains ground into flour and meal. Today, you can stop by the Yates Mill visitor center to see a...

Cost: Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Road
Raleigh, NC  27603
View map »


Sponsor: Historic Yates Mill County Park
Telephone: 919-856-6675
Website »

More information

Take the family for Caribbean food, live music, a Kids Zone, bounce house, face painter and more. 

Cost: Free

Where:
West Point on the Eno
5101 N. Roxboro St.
Durham, NC  27704
View map »


Website »

More information

Step back in time with our 19th-century costumed interpreters and watch the millstones at work grinding corn into meal. Tour fee: $5/Adult, $4/Senior (ages 60 & over), $3/Child (ages 7-16),...

Cost: $5/Adult, 4$/Senior (60+), $3/Child (7-16), 6&Younger Free

Where:
Historic Yates Mill County Park
4620 Lake Wheeler Road
Raleigh, NC  27603
View map »


Sponsor: Historic Yates Mill County Park
Telephone: 919-856-6675
Website »

More information

Celebrate diversity in Wake Forest with live performances, traditional cuisine and family entertainment. 

Cost: Free

Where:
E. Carroll Joyner Park
701 Harris Rd.
Wake Forest, NC  27587
View map »


Website »

More information

Live bands showcase this event that also features a kids zone, vendor village and food trucks.

Cost: $11.25 – $20

Where:
Raleigh Little Theatre's Rose Garden and Stephenson Amphitheatre
301 Pogue St.
Raleigh, NC  27607
View map »


Website »

More information

Live bands showcase this event that also features a kids zone, vendor village and food trucks.

Cost: $15 advance tickets, $20 at the door. Free for ages 5 and younger

Where:
Raleigh Little Theatre's Rose Garden and Stephenson Amphitheatre
301 Pogue St.
Raleigh, NC  27607
View map »


Website »

More information

The Teen Advisory Board invites you to meet up with other gamers to mingle, snack, and test your skills for prizes! Guests are welcome to bring their own controllers/fightsticks. Register by...

Cost: Free

Where:
Orange County Main Library
137 W Margaret Ln
Hillsborough, NC  27278
View map »


Sponsor: Orange County Public Library
Telephone: 919-245-2539
Contact Name: Libbie Hough
Website »

More information

East Cloud Kungfu hosts a Parent's Night Out event, featuring a safe environment for kids as they about the wide world of kungfu.   Check it out!...

Cost: $25 first child, $20 each additional child

Where:
East Cloud Kungfu, LLC
5655-A Western Blvd
Raleigh, NC  27606
View map »


Sponsor: East Cloud Kungfu, LLC
Telephone: 252-646-7053
Contact Name: Imari Colon
Website »

More information

The Clayton Center presents country crooner Billy "Crash" Craddock in concert. Sing along with Crash as he belts out his biggest hits, including Knock Three Times, Rub It In, Ruby Baby, Broken...

Cost: $25 plus taxes & fees

Where:
The Clayton Center
111 E. Second Street
Clayton, NC  27520
View map »


Sponsor: The Clayton Center
Telephone: 919-553-1737
Website »

More information

Show More...
Show Less...
Edit Module Edit ModuleShow Tags
Edit ModuleShow Tags

Directories

Edit ModuleShow Tags Edit ModuleShow Tags

Annual Guides

Education Guide

The 2018-19 Education Guide offers 678 education resources in the Triangle, including area preschools, private schools, public school systems, charter schools, boarding schools, academic resources and an Exceptional Child special section.

The Triangle Go-To Guide

Our Triangle Go-To Guide connects you to family fun resources across the Triangle. In our 2019-20 issue, explore 1,028 resources for family fun.