Hello and Happy Friday, friends! We are really looking forward to the weekend and the weather cooling off. Of course only slightly, as Arizona is still pretty warm up until October or November. Either way we are celebrating temps that are below 100* with a trip to the farmer’s market. It’s one of our favorite weekend activities to do in the fall. This trip is a little more exciting for my daughter, as she will be using her very own debit card for the very first time, Greenlight, the smart debit card for kids. Talk about milestone! So today I thought I’d share some tips for Teaching Kids How To Save money.
If you’ve been around here before or follow me on social media, you probably know that we homeschool. We often incorporate learning into all facets of our daily life and often times we incorporate important life skills to make learning more relevant. For example, we are learning about spending and saving money for math. My daughter (age 9) has been learning about money, earning money, saving money, and spending money for the past 4 years. We started out with piggy banks and have advanced to Greenlight debit card to make it more relevant to her growth and development.
Here are my top 4 tips or teaching young kids how to save money:
1) Talk about money with your children in regular everyday environments.
This tip encompasses a lot. I often talk to my daughter about money when we are in stores grocery shopping, when I am paying our monthly bills, and when I am taking a trip to the bank to deposit money. Because I am a work at home mom and because our family owns and operates a couple of different businesses, my daughter sees us working and earning/saving/spending money. We have open dialogues about all of these things and it gives her the opportunity to have real life experiences as well as ask questions.
2) Talk about and model the importance of saving money and ways of doing so.
As I stated, we have been teaching this and expanding on the concept of saving money with my daughter for several years. We will continue to do so as she grows up. Greenlight debit card is a great option for kids! It’s not only exciting for kids, but Greenlight provides extra control and convenience for busy parents who don’t want to miss out on teachable moments. Plus, what child doesn’t want a plastic card like their parents?!
3) Create opportunities for your child to earn, save, and spend their own money.
Once you have talked about and modeled money usage, it’s important to allow your children to participate in it too. Because we are a family of entrepreneurs, my daughter has participated in a couple of handmade craft fairs where she creates and sells her own products. She uses her own money to purchase the materials and then she collects funds and stashes it away for whatever she’s saving for (currently it’s a car…yes, she’s only 9 but we are planners and dreamers, people!).
Once she has a certain amount of money, she asks me to put it onto her Greenlight card for saving. I love the convenience of Greenlight and the parental controls. I love that I can use their convenient automated allowance feature to “set it and forget it” because we all know busy moms can tend to do that. I also love that I can give my daughter independence to spend her money while I retain control over where her money is spent and how much she can spend in certain stores. For example, she is allowed to use her Greenlight card at the local craft store with a limit of $20 to spend, and I can set all that up through the Greenlight app on my phone.
4) Teach your kids how to keep track of their money.
I think it’s important for my daughter to really be in tune with her own money… the spending and the saving. If she is hands on with it, I think it will be more meaningful to her. Therefore, I created a printable kids’ bank register where she can keep track of her deposits and withdrawals and I thought I’d share it with y’all!
Simply download the printable, print it out, cut into 3 pieces, cover with cute paper, and staple together. Go through the steps of adding and subtracting monies with your kids and remind them to use it every time they use their Greenlight card.
I hope you find these tips useful! And I just know you are going to love the convenience and safety that Greenlight card offers to parents and kids. Be sure to download the app to your smart device (available for IOS and Android) and sign up for Greenlight before 10/30 and they will deposit a $20 bonus into your account after the 30-day free trial ends. *Deposit bonus made approximately two weeks after free trial ends.* Sounds like a good deal to me!
How do you help your kids learn about saving and spending money? I’d love to hear your thoughts on this!