This post is written in cooperation with Boiling Springs Savings Bank. All opinions are my own.
One thing I vowed to do as a parent was teach my children to handle money so that they didn’t end up in a black hole of debt as I did numerous times in my early adulthood. We started by just talking openly about money and the choices we make with it so that the kids grow up in a house where the topics of money and how we use it are not taboo, but rather finances are talked about the same way healthy eating and environmental stewardship is.
The next step is teaching our kids how to manage their own money. Last summer, we started chores and allowance to help them see how to earn money, with three envelopes to teach them early management skills. We had one for spending, one for charity and one for saving. This was a good first step, but I am not sure this should be the end of the lesson, as we had some lost envelopes and the save envelope was not nearly as valued as the spend. This year, we’re talking real bank accounts, so we can monitor and track as well as learn how to make your money work for you.
Lucky for us April is National Kid Savings Month and the fantastic people at Boiling Spring Savings Bank have a great program for kids under 18 that will help teach them that saving can be more than just an envelope full of cash.
Kids who open a Boiling Bucks Savings account with at least ten dollars will get a ten dollar bonus added to their account. In addition, they’ll earn interest on the money they have in their account, teaching them how to make their money work for them. It’s never too early to get kids engaged in finances. The more they learn young, the better off they’ll be when the bills get bigger. Opening a savings account teaches kids about interest, monitoring their money through monthly statements and most importantly the power of saving. For our kids, their ages will help determine their goals. We’ll have them save for a short-term goal, like clothes and shoes for our tween fashionista and a longer term goal, like a gaming laptop for our techie boys. Whey they get a little older, we can talk college and cars. For right now, I want them to learn the power of discipline and the ultimate payoff. Thanks to Boiling Springs Savings Bank, they can learn it while earning interest and some bonus bucks!
Check out a list of Boiling Springs branches, which are all members of FDIC, near you and celebrate National Kid Savings month by opening a Bucks account for your kids. Maybe they’ll even save for a present for you!