Creating a savings habit is an important life skill that should be established at a young age. Teaching kids about delayed gratification when it comes to money can help them avoid unnecessary spending and learn to value establishing control of their finances. Summer is an ideal time to teach your kids savings tips. Joining me this morning is Megan Harmon, Chief Operations Officer at Eastern Colorado Bank to share ideas with parents on helping kids create a savings habit.

See her 6 tips below and get started here: Your Friendly Bank

6 TIPS

Q1. What is a realistic savings goal for kids?
A1. Start small, many accts don’t have a minimum.

Q2. How can you incentivize kids to save?
A2. Open account to save for goal – bike, lego, car.

Q3. How can kids earn money at a young age?
A3. Lemonade stand, babysitting, car wash.

Q4. How can parents set a good example?
A4. Show them family budget breakdown including savings each month.

Q5. What does it mean to pay yourself first?
A5. Take a little bit of your allowance each week.

Q6. When children open a youth account at Eastern Colorado, is it true you get your own piggy bank?
A6. Yes! Stop by and learn more or click here: Your Friendly Bank