Learning practical money management skills and financial literacy at a young age can drastically impact the rest of your child’s life and how they view money well into their adult years. Learning something as valuable as money management is a practical skill. As it becomes a habit, individuals will get more comfortable with it. Creating good saving habits doesn’t have to be hard, and it can also be a fun way to connect with your kiddo while helping them understand the power of money! Here’s a few ways you can help create lasting savings habits together: Early Childhood (3-7 years old) Make it visual – Having a piggy bank or a savings jar at home is the perfect way for kids to start saving. Watching that jar get fuller or that piggy bank gets heavier will entice them to keep filling it up. Identify money – Now is the perfect time to start teaching your kid about the difference between each coin and bill. They are learning their numbers, so now they may be able to recognize the amounts on the money. Activity: Search the house together for coins and help them separate them by denomination before they throw all their coins inside their piggy bank. Preteen (8 -14 years old) Provide ways to earn – If you are able, encourage your child to find ways to earn including chores, shoveling snow for a neighbor, or collecting bottles and cans to turn them in at the grocery store. Earning money may help them understand the value of money. Create a savings goal – When you want something special, the idea of saving becomes a bit easier, and saving becomes more important to you. Once they reach their goal, the reward of getting their desired item feels great. Activity: Take your child to the grocery store with you and let them help with the shopping. Creating a budget and keeping track of your cost as you shop will help them start to view money differently. Teenage Years (15 -18 years old) Encourage a Part Time Job – At this age, kids become extremely familiar with money. If their school schedule allows, now is a perfect time for them to start earning money of their own and learning about taxes and budgeting. Needs vs Wants – Have a conversation with your teen about what they actually need vs what they want. This is a great way to introduce saving with intention instead of spending money just because. Needs are something we prioritize our spending on and wants can typically be saved for a later time. Activity: Create a savings goal with your teen and then open a CD (certificate of deposit) Account. CDs gain more interest than a traditional savings account and are a good way to teach them how to watch their money grow.