National reports indicate your child’s saving and spending habits are established at an early age. In honor of National Savings Day, Oct. 12, and as chair of the state’s first-ever Financial Literacy Task Force, I’m encouraging Arizonans to prioritize financial education within their families.
Here are seven practical tips to help parents and caregivers teach children how to save and realize goals for the future instead of focusing on what they think they need now:
Walk the talk: Talk with your children about what you are saving for and what sacrifices you make for retirement, vacations, their college, etc. and demonstrate that — take them with you to the bank when you make a deposit or show them how you do it on your phone or laptop for online banking.
Match it: Reward good savings habits by matching savings and further encouraging kids to delay gratification by saving for what they really want.
Make it fun: Turn conversations about saving and college into games and crafts to keep it hands-on. Painting your own piggy bank would be the perfect time to talk about dream jobs and how to prepare and save to get there.