Teach Your Children Money Lessons in 2018! | St. Johns Bank
A new year has begun, and it’s the time for resolutions. For 2018, why not try something different? The team at St. Johns Bank wants to suggest setting a resolution to teach your little ones age-appropriate lessons about money—and we have some tips to help you do it!
Teaching Personal Finance Habits That’ll Last a Lifetime
First of all, it doesn’t matter if your child is 5 or 15, it’s never too early (or too late) to teach him or her important lessons about money. In fact, these money lessons may be the most important lesson you ever teach—they should help cultivate habits that last a lifetime. Research has found that creating habits in a child early in life can set him or her up for success later on.
Second, turn every opportunity you can into a lesson between “wants” and “needs” in life. This lesson is one that even most adults could use a refresher on. So seize chances to teach the difference between wants and needs. Talk about the items that are essential and why they are “needs,” while the items that you just want aren’t essential.
Finally, teach the importance of learning from mistakes. While you don’t want to make a lot of financial mistakes in life, mistakes are going to happen. Teach your children that when a mistake happens, learn from it and move forward. Children need to learn how to fix money mistakes as much as they need to learn how to prevent them in the first place.
Are you ready to help your child establish his or her first savings account? Visit the St. Johns Bank website today to learn about our Super Savers Youth Savings Account, which can be started for only $1!