It’s Teach Your Children to Save month, and Dundee Bank is excited to have clients and customers who take savings as seriously as we do. This event comes around once a year to help make savings fun, accessible, and easy to understand for all of our youngest savers out there. You work hard to educate your children on the importance of developing excellent habits, from brushing their teeth to a healthy diet. Dundee Bank wants to help you make savings a fun habit your children understand and appreciate!
We’ve put together a few thoughts to help you make savings a priority for your children.
- First, they’ll need a place to keep their savings! Whether it’s allowance, earnings from picking up extra chores or babysitting, or spare change they’ve found in the couch, having one place to keep their money will help them keep better track of where it is, where it goes, and how fast it grows. You can buy a fun piggy bank from the store, or make your own from coffee cans, oatmeal boxes, or anything you have lying around. Let your child’s imagination run wild! If they’re saving for something specific, a game, toy, or special event, it may help to put a picture of it on or near their bank to help keep them disciplined with their dollars.
- Once they’ve filled their piggy bank, it may be time to bring it in to Dundee and set up an Apple Blossom account. With a very modest minimum balance and easy terms, an Apple Blossom account is an excellent way to introduce your child to hands-on banking. They can bring in their money and deposit it themselves, or exchange change for cash in any of our branches. You can learn more about Apple Blossom accounts at https://www.dundeebanking.com/personal/savings/#apple-blossom
- Once they have their account set up, they may find themselves more eager to earn. You might develop a chore-chart, giving each chore on the list a corresponding value. Taking out the trash or wiping down counters may merit a dollar, while unloading the dishwasher or cleaning the car could result in more profit. They’ll quickly understand that doing bigger, more important jobs (and doing them properly) can get them more bang for their buck. And you’ll have a few less things on your to-do list!
- This is an excellent time to help your children understand the difference between wants and needs. As their parents, you have fed, clothed, and housed them never expecting to be praised or thanked for doing so. However, if your children understood the cost of their necessities, it may help them better understand why you don’t cave to every game they want, or why you get so upset when food gets wasted. Without shaming them over their wants, you can help them better appreciate the fact that their needs have always been met, and the work that has to be done to meet them.
- While we celebrate this month as a great reminder to start the conversation, teaching children to save is a life-long task! We teach by example, gentle reminders, and by celebrating their accomplishments every day! And while you’re celebrating them for their hard work in understanding this, be sure that you’re celebrating yourself, as well!.We are thankful for you, every day, and for the example you’re setting for future generations.
Dundee Bank is proud to be part of this community, and enjoys every opportunity we get to reach out to area groups who want to learn more about banking. We regularly host area schools, teaching students about banking, the duties of each member of our staff to serve our customers, and offering hands-on banking experience and demonstrations.