Teach Your Child How to Save Money

October 12th is National Savings Day, giving you a perfect opportunity to teach your child about finances. Learning how to save money now will be a useful skill she develops for adulthood. St. Teresa Catholic school, a premier Titusville Catholic school, offers tips to teach your child the value of saving money.Set GoalsYou can show your child how to work towards a financial goal from a young age by using a savings jar. When your child sees a commercial for the newest toy or video game and promptly begins begging you for it, let her know she'll have to save up for that new shiny thing. Write the price of the toy (include sales tax for a bonus lesson!) on a clear jar and put it in a place where she can see and reach it. When your child cleans up her toys after playing or helps out with chores around the house, reward her with a little bit of money she can put in her savings jar. As your child watches her money grow, she'll see the benefit to holding onto money and not spending it all at once.Smart ShoppingEven everyday trips to the store can become personal finance lessons for your child. For a young child, help her understand that stuff costs money by allowing her to hand the cash to the cashier herself at the register. This simple action will stick in her brain way better than a verbal explanation of how money works. When she gets a bit older, you can show her how to comparison shop by pointing to price tags on two different brands of the same item and asking her which number is bigger. Explain to her that by buying the less expensive but similar item, you can save more money to spend on other things.Open an AccountWhen your child has been saving money for a while, consider opening a savings account for her. Take your child to the bank and let her count out the money she wants to deposit. Then, you can explain the benefits of putting your savings in the bank and do some simple calculations to show her how, when you factor in interest, she'll have more money than when she started.With over 57 years of academic excellence, St. Teresa Catholic School, a Titusville Catholic school, provides a quality education that challenges and empowers students to develop to their full potential. Students foster qualities that are essential for lifelong learning and are equipped for future success. To learn more about why St. Teresa is the perfect fit for you and your student, contact us today.