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Financial Education

FAT CAT’s Top 10 Ways to Teach Kids About Money

Orange cat with a diploma

It’s important for children to learn basic financial concepts early. Aspects of financial education may be introduced in the classroom, but as parents or guardians, you have the opportunity to educate and reinforce money management lessons to help your children develop good saving and spending habits. Here are some tips and tools to help you succeed!

Understanding Money

Help your children understand the value of money – how to count it, why you should save it, how to make it grow, and most importantly, how to spend it wisely.

 

Saving Power

Highlight the benefits of saving in an account that earns dividends, like the FAT CAT® Share Account. The more they save, the more they earn!

 

Branch Visits

Bring the children when visiting the branch for your transactions. Including them in the process is a great way to teach, especially since they are visual learners. It’s also a great time to help them use the CoinStar® kiosk and make a deposit into their FAT CAT Share Account with change they have saved!

 

Allowances

If you choose to give an allowance, consider breaking the amount into multiple bills. For example, give five $1 bills instead of a $5 bill and encourage them to put part of it in savings. 

 

Setting Goals

Setting goals helps children take responsibility for things they want to buy. If they want a new toy, discuss setting that as a savings goal.

 

Needs vs. Wants vs. Wishes

Explain the differences to help them make good spending choices. Instant gratification may not translate into wise financial decisions.

 

Withdrawals

If your child wants to withdraw money from his or her account, don’t automatically say no. Discuss the reasons why. Not allowing any withdrawals could discourage saving.

 

Spending Decisions

Children (and adults) learn from their spending choices – both good and bad. Initiate a conversation, discussing in advance the pros and cons of making the purchase. Help them research and compare prices to determine the best place and time to buy.

 

Teaching Opportunities

Use regular shopping trips as learning opportunities to explain the value of coupons, sales, and comparison shopping to help with monthly budgeting.

 

Recordkeeping

Emphasize the importance of recordkeeping to know how much money you have and how much you have spent. A FAT CAT Share Account passbook can help by giving your children a tool to record their deposits and withdrawals.