It’s never too early to start teaching your children about the value of a dollar, and part of that education should include personal banking skills. As children grow, there are several ways to encourage them to save money. Hawaiian Tel Federal Credit Union has been helping their members manage their funds since 1936 with savings accounts, checking accounts, and financial planning services, so they can offer valuable advice.
How To Help Your Child Understand Personal Banking & Money
Very young children don’t understand the value of money, but you can teach them to recognize different coins. Try having them sort coins and put them in a fun bank or container.
Give your child a weekly allowance in exchange for doing simple chores around the house. Encourage them to put half their money into a personal banking account designed for youngsters — savings account fees usually are waived for children under 18.
Teach your child to budget the money they've saved by helping them calculate how many weeks’ allowance they’ll need to buy a desired item. Setting savings goals is a big learning experience that will last a lifetime.
When your child is old enough for a job, help them open a checking account and use a debit card. Teach them to balance their checkbook and be aware of how much money is in their account, and encourage them to save for college.
To open a savings account for your child or take care of any other personal banking needs, call Hawaiian Tel Federal Credit Union on Oahu at 832-8700 or toll-free 1(800) 272-5255. Visit their website to learn more about their savings programs for kids, as well as their other account types and services.