- Start financial education at a young age
Let your children observe as you perform financial transactions, and use the opportunity to explain the process of saving for purchases.
“I started teaching my kids when they were young,” states Veronica. “I would take them with me to Columbia and talk about what we were saving for. I also let them get involved in transactions, so they would understand that things cost money.”
- Help them open a savings account
Encourage your children to save a portion of any money they receive. Help them make deposits and show them how their money grows.
“I made sure that all my kids have a savings account. We went to Columbia and got them all set up,” shares Veronica. “I want them to be successful savers!”
- Consider giving an allowance
Giving kids an allowance will enable them to learn financial skills at an early age. Make it easy by setting up automatic transfers to their savings account when it’s time to disperse allowances. Go online or visit your nearest branch to set up.
“These days, everyone is so compulsive,” comments Veronica. “ Giving my kids an allowance taught them to be responsible with their money. Now, my older children don’t care to have the latest fads.”
- Provide additional opportunities to earn
When your children want items that exceed their budget – and every child does – give them options to earn more.
“When my kids asked for more expensive items, I had them do chores like mowing and weeding to earn more,” says Veronica. “It helps them feel empowered. Anytime they can take responsibility, it builds their confidence.”
- Establish a savings goal
Saving for a cherished item may be all that’s necessary to discourage your child from spending impulsively.
“When my 11-year old son, Makiah, wanted to buy a new electronic toy, I had him figure out how long it would take for him to save for it. This gave him responsibility for it and developed his pride of ownership,” explains Veronica. “He takes great care of it now because of the time it took to save for it.”
It's never too soon
Like Veronica’s kids, your children or grandchildren can learn money management skills
and watch their savings grow with the great rates offered in Columbia’s Achievers Club Certificate.
Open an Achievers Club certificate with as little as $100, plus make additional deposits of $50 or
more anytime during the term of the certificate and earn a special rate that rewards young savers.
» Veronica shares why she chooses Columbia
» Open an Achievers Club savings
» Open an Achievers Club certificate account
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