Jump on This!
Follow these three easy steps to help your children build healthy saving and spending habits:
Step One: A trip to the bank or credit union
Take your children to your bank or credit union to open or add to a savings account. Discuss the monthly statement so they can see the gradual effect of time and interest on their balance.
Step Two: Set savings goals
Teach your children about the expression “pay yourself first,” which means setting aside a percentage of their money for savings before putting it toward anything else. Financial advisors recommend saving 10-15 percent of income. At first children can build their savings from an allowance or cash gifts in a piggy bank. Then plan regular trips to the bank or credit union to make a savings deposit.
Step Three: Keep talking
Teaching your children good savings habits at a young age can bring lifelong benefits. Use the weekday activities and conversation starters to coach your children on earning income, spending, saving, credit and budgeting so they can develop the financial skills to take control of their financial future.
Parents now you can help your child save, budget and plan for those "must haves."
Research shows that a parent is a child’s most influential teacher. It’s never too late to start exposing your child to an economic way of thinking. Jump On It! has developed a program just for parents made up of workshops and online resources.
As part of the Jump On It! program, SCCEE is partnering with PTOs and PTAs, YWCAs, and other community organizations to bring you information you need to teach your child how to be financially responsible now and in the future. You’ll learn how to be comfortable talking to your child about personal finance at one of the Jump On It! FREE workshops.
What to expect at a Jump On It! parent workshop:
- Activities for parents to do with their children that teach the importance of having a checking or savings account.
- Handouts with helpful financial information.
- Website resources with supplemental information for talking points, activities and book suggestions.
- Jump On it! jump rope
- Student skit based on the fable The Grasshopper and the Ant.
For more information or to arrange a Jump On It! workshop for your parent group, click here to download a sign-up form and fax it to SCCEE at 803.777.8328.
The Weekday Talking Tips
Help for parents doesn’t end when the workshops are over. The Jump On It! team has created a series of online resources to reinforce what you’ve learned. And, it’s just a click away.
The Jump On It! Weekday Talking Tips and other Helpful Resources make learning for you and your child fun and informative. The Weekday Talking Tips serve as conversation starters on topics such as creating a budget, the importance of saving and the pros and cons of cash, debit card, check or credit card.
The Parent section on the Helpful Resources page is full of great websites and includes a suggested reading list for parents and children. You can learn about the need to save for the long term at Choose to Save or find out all about Kids’ Allowances—How Much, How Often & How Come: A Guide for Parents. Check it out today.