Univest In The News
Five Ways to Get Your Children into the Saving Habit
SOUDERTON, Pa., October 4, 2007 – It is common knowledge that fewer Americans than ever are saving the money they’ll need for retirement – for their pre-retirement years, too.
Experts acknowledge that the sooner children are taught about money and financial management, the more likely they’ll become conscientious savers. To help parents get their children off on the road to financial responsibility, Univest National Bank and Trust Co. offers “5 Ways to Help Your Children Learn about Saving.”
1. Examine your own attitudes – and actions – about money. Just as with their learning about anything else, most of what our children learn about money during their early childhood comes from observing their parents.
2. Teach your children about saving at an early age. Taking young children to the bank with you is an easy way to start introducing the concept of saving money. Most children start to learn about counting and money when they are in the first or second grade. By the time they are teenagers, children have developed the money habits they will keep throughout their lives. (One useful resource for children in the first to third grades is “Dollars and Sense,” part of the Berenstain Bears book series created by Bucks County natives Stan, Jan and Mike Berenstain.)
3. Begin giving your children an allowance: An allowance is a great way to teach children about the basics of saving, spending and budgeting. It also teaches them that money is something you earn – not something you’re entitled to.
4. Open a savings account: Opening an account helps teach children important lessons about saving and investing. Kids think ATMs are magic. Guide them to understand that you have to deposit more than you withdraw.
5. Take your children shopping: A grocery store is a great place to show kids how to compare prices – the price per ounce, for example. Show them that just because something is on sale doesn’t mean it’s the best value. Stores are a good place, too, to teach children about the difference between “wanting” and “needing.”
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