Teaching your kids how to save money - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Teaching your kids how to save money

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MADISON (WKOW) -- It's never too early to start saving money for the future, and parents can help their kids get on the right track.

Ben Udell, the senior vice president for Monona State Bank, says saving is a lifelong habit.

"The sooner they learn, the better habits they have," Udell said. "And that's again a skill and a lifelong habit that really carries them throughout all of adult life as well."

Udell says one of the best things you can do for your children is to lead by example.

"The first piece we really recommend is finding some teachable moments so they can see their parents really fulfill on those habits," Udell said. 

One teachable moment parents could use now, is if their kids went out and spent all of their money they got during the holidays.

"We really have to remember that kids are going to make mistakes with their money and sometimes they buy something that doesn't work out, sometimes they lose money," Udell said. "So it's an opportunity really to really talk about did they get what they wanted out of that money, do they have something left over for tomorrow, and in some cases it's really making sure that they can secure their money and they don't lose their money, which happens often."

When your child receives money use visuals to help them save and grow it. You can do this by using four jars with four labels: Spend, Grow, Save, and Give. 

"Helping kids really learn how they can give to help others is a great lesson that we can teach our kids as well," Udell said.

Teaching your kids to save money can be fun too. Udell said the best thing he can recommend is to create some games.

"From our youth we really think about Monopoly and the Game of Life, but these days with iPads and tablets, there's a lot of great games out there and some simple searches can really help you find some games, or really learning tools that are age appropriate and have great reviews," Udell said. "And it's a chance to sit down with your kid and work next to them a little bit."

Monona State Bank also provides young savers with "Piggy Punch Cards" to make saving interesting and fun. After kids make four savings deposits within a certain time frame they receive a gift.

Udell joined us on 27 News at 5 on Monday.
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