How to Prepare Your Kids for Financial Success
Lisa Frison, Special to The Informer | 4/15/2014, 4:03 p.m.
A tip for children ages 3-7: Take three jars and label them separately: Spend, Save, Give. Help the children split up their money into each jar and watch it grow as they save and disappear as they spend.
A tip for pre-teens, ages 8-12: Create a short- term savings box. Have the pre-teens choose something they want (a brand name pair of shoes or a video game system). They will learn the value of savings when they save enough to purchase the item.
A tip for teens, ages 13 and up: Open a savings account for long-term savings. Have teens save a certain percentage for a few years to make a bigger purchase.
Parents should ask their banker for more ideas and advice. Their child’s long-term financial security is at stake. By starting early, they can help their child develop good financial habits that will last a lifetime.
Lisa Frison is vice president, African American Segment Manager for Wells Fargo. As a public service, Wells Fargo provides free and fun financial education programs without commercial content. This article has been prepared for informational purposes only. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each individual’s financial situation is unique, you need to review your financial objectives to determine which approaches might work best for you.