Start the savings early with Teach Children to Save Day
PHOENIX (AZFamily) — Thursday marks national Teach Children to Save Day.
For some people, talking about money can feel uncomfortable. Maybe you don’t feel confident in your own finances, so teaching your kids about saving and spending is daunting. It doesn’t have to be.
“Money is a taboo topic of conversation for a lot of people. We know that,” said Michelle Edson, Comerica Bank’s North Central Phoenix Banking Center Manager. “But bring your kids into the bank when you go. Talk to them about money. Let them see money.”
Developing positive money habits at a young age could lead to a successful financial future. Start by helping children set savings goals and visually track their progress.
“Visual techniques are really important. It helps them see and be motivated to get to their goal,” Edson said.
Another important conversation is the difference between needs and wants.
“Help your children to understand that we can’t always have everything we want, and that it’s important to be careful with money,” Edson suggests.
The American Banking Association has several resources available to help teach children about money.
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