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School-age children and saving

Talking with your child about money can go smoother if you keep the conversation age appropriate. The conversation starters and activities here can help you find the words.

Conversations about saving

“Lots of people put money in a savings account to protect it and receive interest on their saving.”

  • Visit a nearby federally insured bank or credit union with your child, or show her your online bank site.
  • Look at interest rates on savings accounts.
  • Discuss with your child how money in savings accounts is safe and protected. If the bank goes out of business, she will get her money back.
  • Open a savings account with your child.
  • Listen and talk to your child if she mentions how her friends and peers use banks and other financial services.
  • Remind your child about reasons to save: to have the freedom to make choices, to smooth out ups and downs, and to feel security.

Activities about saving

“It’s a good habit to save at least a dime for every dollar you receive.”

  • Practice saving by setting a goal for something your child wants, breaking it down into small steps, and helping him take those steps.
  • Encourage your child to save 10 percent of the money he gets.
  • To reinforce the savings habit, go to the bank two to three times a year with your child to deposit savings into his account, and look at how much bigger the balance is on each visit.
  • Consider a “matching plan” for your child’s savings: You put in 25 cents for every dollar he saves. Encourage your child to draw, make a chart, or tell a story about how this helps his money grow.