By JP Morgan Chase
Remembering the first few paychecks you got for a summer job, babysitting gigs, or an allowance from your parents brings back nostalgia for simpler times. Fast forward to today and your children are likely going through a very similar moment in time.
“Kids learn about money from a young age, and once they start making money it’s a great moment to start talking about financially healthy habits that can carry them into adulthood, such as spending money. B. Saving, budgeting and making the most of what they earn.” [Chase Community Manager]
Here are some tips to help you start your own financial health journey:
Let them make their own money: Grants are a great opportunity for kids to earn their own money for “jobs” like watering plants, taking care of pets, or assigned chores. To manage the money they earn, you can open a children’s bank account that gives them access to their money under your supervision and control. It’s like a “learn permit” for money, allowing you to dictate how much to spend and where. Chase First Banking comes with their own debit card so they can start learning about financial responsibility and give them the opportunity to learn the basics of saving, spending and earning.
Discuss “Wants” vs. “Needs”: Teach your children how important it is for the
unexpected is a valuable lesson. Talk to your child about what they want to do with their money and help them make a list to show what can be considered a need and what can be considered a need. To keep the conversation going, involve her in family conversations about planning a trip to the grocery store, major shopping, or how to adjust your budget when gas and grocery prices rise.
Set savings goals: Having a goal in mind can make saving fun. Motivate your children
find out what they want to save for and how they can achieve their goal. Use this as
Opportunity to educate them on the importance of setting goals and creating a plan that can help them achieve them.
Consider opening your first account: Many children may choose their piggy bank as a safe place to keep their money, but it’s important to teach your children the benefits of keeping their money in a safe place. Opening a Chase First Banking account at an early age can be the first step in learning how to save and manage for the future. You can make it memorable by visiting your local bank branch and explaining how to deposit and use your card responsibly.
Talk about money: It’s important to start talking about money from a young age — it is
never too soon. Have an open conversation about budgeting, discuss the importance of
Research pricing to make informed decisions before you buy and keep the conversations flowing.
For more information on Chase products for children and young people, contact your local Chase bank
speak to a Community Manager or visit https://www.chase.com/personal/financial-goals/parents. (ALSO AVAILABLE IN SPANISH)
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