Steph Melgaard
Retail Banking Director
steph.melgaard@border.bank
701-630-2629

April 22nd of each year is national “Teach Children to Save Day”. Here at Border Bank, we recommend teaching the young people in your life about managing money early and often. Laying a foundation of financial literacy for your children is a priceless gift that will help put them on their way to a safe and secure future. The best part is, building up the next generation of smart savers can be fun! Check out three of our favorite tips for helping the young people in your life get a head start on money smarts.

1. Teach them the basics
From a young age, kids are captivated by what the grownups around them are doing. Children as young as 3 or 4 will grasp some basic financial concepts and will love learning more about what their grownups are up to. Talk to them about money. Show them bills and coins – and even let them help you with transactions. Explain debit or credit cards and digital payment methods in simple terms they can understand. Bring them to Border Bank and chat about what happens while you’re there. Talk to them about needs (like shelter and food) versus wants (like toys or a new video game) and how your family makes good choices with your budget and spending habits.

2. Encourage them to save
When your children earn an allowance or receive a cash gift, encourage them to save some or all of it. Setting a savings goal like a certain dollar amount or a fun toy or book can provide some excitement and motivation. For younger children, visual options like a piggy bank or jar filling up with bills and coins are a fun, interactive approach. As children get older, setting up a Border Bank account and helping them monitor their progress on the Border Mobile App may be a better option.  

3. Help them spend smart
Help children begin to understand the value of money by letting them manage any cash they may earn or receive. Whether it is pocket change for small chores, an allowance or a gift – understanding a budget and making good choices about how to save and spend are valuable life lessons. We all have to make choices and set priorities with money and this is a critical concept to grasp when the stakes are relatively low. There is also a great sense of pride and accomplishment that comes with setting and reaching a financial goal!

We hope these tips help you consider fun ways to introduce financial literacy to the children in your life. At Border Bank, it is our pleasure to help all of our current and future customers, even the very smallest ones, meet their financial goals. We look forward to serving as a financial partner to you and your family for generations to come! For more information on Border Bank savings accounts click here or contact one of our Relationship Bankers.