Tips for Helping Your Kids Manage Cash
• Place holiday gift money into a money
market account, CD or other savings vehicle.
By doing so, your children will be able to see
their money grow along with them.
• As part of the initial investment, have them
write down their short- and long-term savings
goals. Review these goals periodically and
show children how quickly they can be
reached by not spending all of their money
right away.
• Encourage them to begin saving for college
with part of their allowance, or wages, each
month for their education.
• Teach children about the gift of sharing.The
holiday season is the perfect time to think of
others. Help your children find a local charity
to donate their money to, or go shopping
together for a new toy or clothes for another
child in need.
• Show your children the ABCs of banking.
By opening a bank account in your child's
name, you can teach the responsibilities
associated with money management.
• A fun and easy way to manage money
together is through an online banking account.
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