The LearningCents Trio Bank -- Saving Tips
SAVING teaches children the importance of setting aside a portion of their income
and not spending everything they earn. When children learn this discipline now,
saving becomes a life-long habit leading to greater control of their financial future.
Lock it Up for the Future
The SAVE money is designated for long-term savings (e.g., a car or college), NOT for
an expensive toy. Don't shift SAVE money into either of the other two compartments!
As your child gets older, this money may become the basis for an investment
portfolio. The SAVE compartment opens from the bottom to reinforce that this money
is not easy to access.
Take it To the Bank!!
Take your children to the bank to open their own savings accounts. Find a
conveniently located, child-friendly bank that requires no minimum balance and no
services charges. Have your children regularly deposit their savings into their bank
accounts.
Discuss the monthly bank statements with your children so they remember that this
money is still theirs. If it is an interest-bearing account, take the opportunity to teach
how money grows.
Track What You Save
Each week have your children count how much is in the SAVE compartment and write
down the dollar amount on the dry-erase lid.
and not spending everything they earn. When children learn this discipline now,
saving becomes a life-long habit leading to greater control of their financial future.
Lock it Up for the Future
The SAVE money is designated for long-term savings (e.g., a car or college), NOT for
an expensive toy. Don't shift SAVE money into either of the other two compartments!
As your child gets older, this money may become the basis for an investment
portfolio. The SAVE compartment opens from the bottom to reinforce that this money
is not easy to access.
Take it To the Bank!!
Take your children to the bank to open their own savings accounts. Find a
conveniently located, child-friendly bank that requires no minimum balance and no
services charges. Have your children regularly deposit their savings into their bank
accounts.
Discuss the monthly bank statements with your children so they remember that this
money is still theirs. If it is an interest-bearing account, take the opportunity to teach
how money grows.
Track What You Save
Each week have your children count how much is in the SAVE compartment and write
down the dollar amount on the dry-erase lid.
