Teach Your Kids the Value of Money
Dec 01, 2020
Helping them understand needs vs. wants.
Teaching kids to understand NEEDS vs. WANTS will teach them to make smarter financial decisions and promote good saving habits. When it comes to saving and spending money, you always have a choice. Ask yourself: is it something that you need, or just something that you want? Needs are something that you cannot live without, such as food, a home, shoes and clothing. Wants are things that you'd like to have but that you can live without. Deciding needs and wants can play a big roll in helping to save money.
We have a Young Savers Account that is designed to teach kids and teens under the age of 18 the importance of savings. This account is a great place to deposit birthday money, allowances, or extra change. This is the perfect first step in helping your child prepare for their future & become financially responsible.
Features of the Young Savers Account include:
- Free opening gift
- No fees
- Access to free coin counting machine
- A Passbook so kids can watch their savings grow!
Maspeth Federal Savings is proud to partner with the American Bankers Association who provides educational material for children of all ages. Click here to access the American Bankers Association's coloring sheet for your young child to make this lesson fun and engaging!
For more financial education & tips, check out our other articles here.
The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation.