Learning to manage money early on is one of the smartest things a parent can teach their child. Children as young as 3 years old are able to understand the basics behind saving and spending, according to Forbes.
With that in mind, it’s easy to find financial lessons in everyday activities, such as counting change to buy an item at a garage sale or comparing prices at the grocery store.
At First National Bank, we believe parents should lay the foundation for their children early to make mindful, financial decisions. Especially since a recent report from researchers at the University of Cambridge revealed that kids’ money habits are formed by age 7!
According to Forbes, there are beneficial lessons you can introduce to your child at key developmental stages to help shape smart, financial habits. Whether you have a toddler, an adolescent, or both, here are the Top 5 Lessons they recommend teaching:
With customizable eAlerts, our convenient mobile app, and the power of online banking, we make teaching these valuable lessons easier than ever before. We’ve also carefully crafted a savings program for minors and a checking account specifically for young adults.
Our Learning to Fly program is our savings account available to children 18 years and younger. It comes with educational materials and fun perks, making saving a fun and rewarding experience for the whole family. To foster strong savings skills, here are a few downloadable materials that you can use over and over again with your child:
We also recently rolled out our Student Account, which is available to individuals 25 and younger. It’s a non-interest bearing checking account that grants you access to all of our online tools and even refunds those annoying ATM service charges*.
All of our products come with genuine, financial advice, too. From explaining how interest works to helping your child set goals, we’re here when you need us. We value our relationship with you and are invested in your family’s success.
If you’d like more information or just want some advice on how to get the conversation started, give us a call at (605) 335-5200.
*You will be refunded ATM service charges of up to $20.00 per account per statement cycle if you are enrolled for eStatements and disclosures. The refunded ATM service charges will be automatically credited to your Student Checking account on the last day of the statement cycle as long as you continue to receive eStatements and disclosures.