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Ask The Expert - July 2017

by LKCS Team | Mar 24, 2017
Question: How can I teach my child the importance of saving money?

Answer: The key is to give your child as much hands-on experience as possible. A great first step is opening a savings account with them. Then, help your child create a financial plan for the money they earn. For example, divide the money into three categories: save, spend, and give. On a regular basis, take your child to the bank and help them deposit money into their account. At MNB, we have a Bee-A-Saver account, and kids get to pick out a fun item anytime they make a deposit. Teach your child how to calculate and track their balance in their savings account using a register. Encourage them to set specific goals for a toy, upcoming vacation, or charity. If your child likes technology, engage them with a mobile or online banking app. It is never too early or too late to start instilling a sense of financial independence in your child.

Talk to a Personal Banker at any MNB location to open a Bee-A-Saver account for your child today!


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