Teaching Kids Good Money Habits

A coin bank is an effective way to teach your kids about money. It will teach them that money doesn’t grow on trees and that they have to work hard and save for something they want to buy. By teaching kids delayed gratification, you are helping them avoid getting into too much credit card debt later on.

Experts recommend giving children three coin banks. One for spending, another for saving, and the last one for giving. Every time your child gets money, they can divide into each coin bank. Experts suggest, 50%-80% goes to spending, 10%-25% to saving and 10% to 25% to sharing.

You can order personalised coin banks to help them get motivated in this endeavor. They can choose their photos or a photo of what they are saving for if it’s an expensive item. Order your money banks now and start them as young as possible!

Source: https://bettermoneyhabits.bankofamerica.com/en/per...