“Teach your child how to plan purchases in advance. Encourage him/her to do research and wait for the right time.
Demonstrate how to make unit-price comparisons, and check for value, quality, availability, reparability, warranty, and other comparison factors.
Don’t assume he/she knows what these terms mean.”– Darren G., Hills Bank employee
Save Your Spare Change
“Our family started a group coin jar to which everyone contributes spare change. When the jar is full, we’re going to spend it on something we don’t do very often that everyone can enjoy, like going to a movie.
We’re learning that if you put in as much as possible on a regular basis, it grows faster. If we’re lax it will take us longer to get to the reward.” – Amy M., Hills Bank employee
Wants vs. Needs
“Help your child evaluate wants and needs. Make sure he/she understands, even in the simplest terms, that some of the allowance is for things he/she needs, and some is for wants.” – Pam F., Hills Bank employee
Patience, Repetition, and Fun
“Remember to relax. It takes repetition for kids to learn, so be sure to have fun along the way!” – Kent C., Hills Bank employee
Lead by Example
“Use a regular shopping trip as an opportunity to teach. For example, while in the grocery store, demonstrate how to plan economical meals, avoid waste, and use leftovers efficiently.
Also, explain what you’re doing when you write a check or use a credit, debit, or ATM card.” – Mary N., Hills Bank employee
Understand Your Family’s Approach to Finances is Unique
“Each parent may have different experiences, values, and beliefs about money. Parents should talk about these feelings and opinions and establish a consistent approach to teaching children about money.
This is essential to the healthy development of the children.” – Rachel K., Hills Bank employee
“The earlier you start saving the better because compounded interest over time multiplies your investment. Keep this in mind for your retirement and your child’s college savings.” – David T., Hills Bank employee
Cash Only Please
“Allow your child to pay in cash so he gets the idea that cash and change represent hard work.” – Angela T., Hills Bank employee
Ways to Save
“Give your child suggestions for how to save money. For example, use coupons or utilize sale prices and rebates.” – Bonnie B., Hills Bank employee
The BIG Picture
“Encourage your child to look at the bigger financial picture. For example, a movie involves more than just the price of the ticket.
Movie ticket $9.00
Gas (about 2 gallons) $6.00
plus time and energy
Explaining the bigger picture will make them aware of all the factors.” – Luke B., Hills Bank employee
Admit When You Can’t Afford It
“Parents should show their kids that they can’t afford everything they want either. It is good for kids to see that parents have to say “no” to themselves too. This could be brought up while window-shopping together.” – Joel K., Hills Bank employee
“Encourage your child to keep receipts and a record of what he/she has spent.” – Jenny E., Hills Bank employee
Help Kids Spend Money
“Sometimes, kids get so focused on saving their money, that they don’t spend any money along the way. Help them to enjoy their money by spending some on small purchases or by buying something they’d like.” – Jean A., Hills Bank employee
“When it’s time to pay the household bills, invite your child to watch. Show him how to use a checkbook, online banking system, or mobile banking.” – Brandon D., Hills Bank employee
While each family is unique, one common goal we share is that of financial responsibility and success for our children. Let’s partner together to teach the next generation. If you have any tips that you’ve found success with, share them with us in the comments below!