Teach Children to Save: 3 Real Life Examples from Our Northstar Team
Did you know that learning financial concepts as a child is linked to higher net worth, lower debt burden, and other financial advantages as an adult? Saving money is one of the most approachable foundational concepts for kids of almost any age. Teaching the importance of saving early and often is one of the greatest gifts we can bestow upon our children.
But how do you get started? There are tons of fun ways to teach these principles to our children, which is why we asked our advisors to weigh in.
See how our Northstar Team encourages their own children to save below.
Julie Fortin
Partner, Wealth Manager
"In our family, we started when our children were very young with Saving, Sharing, and Spending piggy banks. Those banks transitioned into labeled mason jars as they got older and eventually the saving portion went into a bank account as they became teenagers and started working part-time.
This was a great strategy to start thinking about money having many 'jobs' and how easy it is to get it working in many different areas."
Kristina George
Partner, Wealth Manager
"In our family, we talk about money openly and share which charities we want to support as a family. This worked so well because the children researched organizations, lobbied for their choices and ultimately, we decided together which organizations they wanted to contribute to. We also matched their donations to provide a more significant impact.
It worked to create a money habit of sharing your resources, and they became very discerning about where their funds went and how they were used."
Rachel DeCarolis
Partner, Wealth Manager
“I am very much still in the beginning phases of this with my daughters. We have frequent conversations about the value of money and how it’s important to have balance between spending/enjoying and saving. Therefore, some of their birthday and allowance money goes into the bank…a piggy bank for my five-year-old and a bank account for my nine-year-old. She loves when I show her the balance on my phone and we talk about how long she thinks it will take to reach her next $ goal.
Hopefully, openly communicating about money and its role in our lives will build a solid foundation for a healthy financial future!”
Have any fun ideas of your own to share? Send us a note to info@northstarfp.com for a chance to be featured in our monthly newsletter.
