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Help Your Child Understand that Money Matters

Friday, 20 February 2015 20:52
father and child counting coins

Teaching children the importance of saving helps build a solid financial foundation.

At CAP COM, you can open a Savings Account for your child as soon as you have the child's Social Security Number. Along with learning how to save, kids can earn money for their Great Grades and with our Reading Programs.

Our School Banking Program partners with more than 70 schools to promote financial literacy. Kids at participating schools can make deposits during school hours. Here are some tips to help you get your child started on the right path.

Start early. As soon as your child starts counting, familiarize them with money. Since kids tend to learn by repetition, ensure they see you handle money repeatedly, whether counting it, putting coins into a jar or piggy bank, or even by introducing games that involve money.

Set goals. Having a clear idea of what they're saving for will help your child actually want to put their money into a piggy bank or Savings Account. Opening a iSave is a great way to help kids save money for long term goals. Set up direct deposit and teach them how savings can grow when you make regular, small deposits during the year.

Communicate. Be upfront with your kids, teaching them the difference between needs and wants. Also, explain to them the importance of saving money, investing and spending their money wisely.

Give an allowance. Once your children are old enough, start giving them an allowance for chores and other things they do around the house. Also teach them to save a part of their allowance for their piggy bank or savings account and allow them to spend what's left on their goal (a book, toy, etc.).

Manage their savings account. Bring them to CAP COM and help them do their banking. Keeping a record of the money they save will motivate them to keep saving and hopefully will give them a solid foundation for later in life.

Open your child's account online or in any branch. Let us know how we can help.