Bike Más. Save Más: Chemical Bank to Support the Traverse City Bike Camp
Financial wellness can be just as important as the physical wellness your kids can get from riding their bikes, and the best financial lessons are part of everyday life. Fostering healthy savings habits early on can help your children throughout the rest of their lives. When children save up their own money to purchase something, they’ll feel empowerment and ownership over that purchase and will value it more. If a child saves up for a new bike, they’ll take more pride in it and will take better care of it since they know all the hard work that went into purchasing it!
To jump-start your kids’ interest in becoming financially responsible, here are a few tips:
- At the Bank – When you go to the bank, bring your children with you and show them how transactions work. Ask the staff to explain how the bank operates, how checking and savings accounts work, how an ATM works, and how money can generate interest!
- At Home – Discuss how credit cards work and how important it is to practice sound spending habits. Explain the importance of paying your bills on time, and what can happen if you don’t.
- Planning a Vacation – Whether you’re planning an outing to a local amusement park or a once-in-a-lifetime trip, emphasize the value of saving as a family. Set a family savings goal that involves your children. Figure out the cost and discuss ways everyone can help reach that goal.
- At the Market – It’s easy to give clear examples of “needs” and “wants” using different kinds of foods at a grocery store. Explain the benefits of comparison shopping, coupons, and store brands.
- Browsing the Internet – While online, explain to your children how valuable their personal information and privacy is to you, to them, and to others online. Discuss the risks and benefits of sharing certain information. Then, as a family, make a list of rules for keeping personal information safe online.
- On Payday – Discuss how pay is budgeted to pay for housing, food, and clothing, and how a portion is saved for future expenses such as college tuition and retirement. Discuss with your child how they can start budgeting their allowance.
Visit ChemicalBank.com/about/for-kids for more information. Make saving money fun with the Chemical Bank Banker Jr.™ app! Member FDIC. Equal Housing Lender.
Thank you to Chemical Bank for sponsoring the 2018 Norte Bike Más Project. Learn more about the Traverse City summer camp and register here.