April is Financial Education Month – a time to focus on improving your financial literacy. One important aspect of financial education is starting good financial habits early.  Here we will help you learn some ways to help establish a solid foundation when it comes to children’s financial education.

Teaching your children about money and saving is an essential life skill that can set them on the path to financial success. According to experts, it’s crucial to use age-appropriate materials to teach your children about money. If you give your child an allowance and have a bank account, you can encourage good savings habits by teaching them to save 10% of their earnings.

To reinforce the savings habit, take your child to the bank with you during your banking visits and encourage them to have conversations with bank personnel. If you use online banking, share information on the bank’s website in an age-appropriate way. Make saving an after-school event by placing it on your planner. When children learn to form good habits, they tend to emulate those actions later in life.

Another way to encourage your child’s participation in the conversation is to explain the interest the bank pays them to keep their money in a safe place. The Consumer Protection Bureau recommends setting a goal for something your child wants, breaking it down into small steps, and helping them take those steps. Encourage your child to save 10% of the money they receive, and go to the bank two to three times a year to deposit savings into their account and see how much bigger the balance has become.

Consider implementing a “matching plan” for your child’s savings, where you put in 25 cents for every dollar they save. Encourage your child to draw, make a chart, or tell a story about how this helps their money grow. It’s essential to identify a goal with your kids and create a plan of action to achieve it, such as saving a certain percentage of their allowance towards a vacation or a big-ticket item.

Financial institutions offer different types of accounts that can help you and your children meet your saving goals. It’s crucial to set up the right type of account for your children, and you can start by talking to your banker or doing your research.

Here are some additional resources that can help you teach your children about money and saving:

– FDIC – Money Smart: https://www.fdic.gov/resources/consumers/money-smart/index.html

– Consumer Finance – Money as you grow: https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/

– Practical Money Skills: https://carterbank.practicalmoneyskills.org/en

– Financial Football: https://carterbankandtrust.financialfootball.com/

– Financial Soccer: https://carterbankandtrust.financialsoccer.com

– Marvel Comic Books for Financial Education:

– Black Panther- https://read.marvel.com/#/labelbook/64461

– Avengers- https://read.marvel.com/#/labelbook/35624

– Guardians of the Galaxy- https://read.marvel.com/#/labelbook/41238

Using these resources and implementing the tips above can help your children form good saving habits that they will carry with them throughout their lives.