Children learn how to manage money from their parents. They watch from a very young age. Your attitude about money and the actions you take to manage it will have a lasting impact. Financial literacy is a critical skill to develop for success in the real world, so teaching good money management skills to your children is essential to get them on the right path to financial success.
Pioneer Bank is committed to help your child learn these necessary skills. We are sponsoring a Kids Savings Week July 13th-17th, 2015. Visit any one of our locations and open up a Pioneer Savings* or a Minor Savings* account, and you will not only start your child on a path to success, but you will also receive a FREE piggy bank and savings log so they can track their savings at home.
Here are a few tips to encourage your child to develop exceptional financial skills:
- Saving for what you want – delayed gratification is a hard concept to grasp, especially in today’s immediate gratification mindset. Kids can learn this skill at a young age and that will follow them through adulthood. Teach your child to set goals and how to reach them.
- Budgeting for wants and needs – Children need to learn the difference between a want, and a real need. As children, they may not have many needs as their parents care for them, but it is a necessary skill to learn.
- Encourage entrepreneurial thinking – Children need to learn that hard work pays off. Encourage them to complete jobs around the house and pay them for completing their chores.
Please visit one of our locations to sign up your child for a savings account and put them on the path to learning money management skills.
*$50 minimum to open a Pioneer Savings Account. $25 minimum to open Minor Savings Account. Monthly service fees will be charged if account falls below minimum balance. Interest paid on entire balance.