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For some kids, getting a favorite video game or toy means receiving it immediately with mom or dad footing the bill. The concept of saving money might still be a bit foreign to most children, but there are fun and exciting ways for parents to help them understand. Here are some easy tips to get youngsters started.

3 Ways to Help Kids Learn About Saving Money

1. Create Priority Jars

savingsOne highly interactive way to teach children about money is by creating priority jars. Label three with the titles "sharing," "saving," and "spending." When they receive their allowance or birthday money from relatives, ask that they divide the amount in equal portions for each jar. For the savings jar, consider asking them to add a bit more, so they can see how much faster their funds grow over time.

2. Seek Their Help With Shopping

Another way to teach kids about saving money is to include them on the decision-making at the grocery store. Give them a few dollars and show them how to compare prices of name brand versus generic items. Share how buying a less expensive brand of cereal or bread means they have more money leftover that can be put toward savings.

3. Set Long-Term Goals

Instant gratification is a common theme with most children. Parents and guardians can teach them how to establish long-term goals by setting savings guidelines. A calculator—online or manual—is a good tool to figure out how much it will take to reach their financial goal. For instance, if they're planning to save for a new phone, calculate how much they will have to put away each week or month to have enough funds.
 
 
These are just a few ways to get children used to the concept of saving money. Estacado Federal Credit Union in Hobbs, NM, and Lovington, NM make the process even easier with its savings account options. Most require $25 to open and have little to no fees. To learn more about how the accounts can get your child started on the road to financial success, call (575) 393-1596. Visit their website for more information about becoming a member of the credit union.
 
Estacado Federal Credit Union – Where you are not just a number, you’re a Member!
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