I remember as a child, receiving birthday or holiday cards from family. There is an ongoing family joke about when I would open a card and shake it looking for money and would scream, “Dollars…dollars!” if some fell out. I was only 2 or 3 years old and certainly didn’t understand what money was, but seeing bills fall out of a card was exciting to me. Every time I would receive money, my parents told me to put it in my piggy bank. Once full, we would take the cash to the bank. Even though I often questioned why I had to give my dollars away, I eventually understood it was the bank keeping it safe for me (and I got it back!). Later on in Kindergarten, the school offered every child a passbook savings account, and we would bring in 25 cents to deposit into our accounts each week. Sometimes my parents had the money to give to me to put into the account; sometimes not. Every couple of months my parents and I would go to the bank to update my passbook and see how my savings grew. And those actions and habits have stuck with me throughout my adult life. Some months are better than others are.
Science knew back then that the human brain learned the most from birth to age 5 and that our memory skills and habit-forming tendencies peak around age 20. But we didn’t have all of the technology and resources for parents to utilize. Now resources are available to help both parents and teachers assist young people with learning the importance of saving and managing their finances. Below are just a few of the many great resources that are FREE and available to everyone, especially parents and their kids. Also, consider doing a simple saving activity in a coffee can for a new toy or open an account at your local credit union or bank just for your kids as they collect money from family. Credit unions are happy to open these special sub-accounts, typically without any fees.
- Next Gen Personal Finance (NGPF) arcade is a cool website that offers several tools and games for teachers, parents and students. https://www.ngpf.org/arcade/
- Consumer Financial Protection Bureau (CFPB)’s Money as You Grow site for parents offers books, tools and guidance for kids and their parents. https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/
- The Finance Authority of Maine (FAME) has great workbooks and tools for youths of all ages.
–Rebecca Grant is the Financial Coaching & Savings Coordinator at MaineStream Finance, a Penquis CAP subsidiary. She manages the Maine Family Development Account (FDA) Program, helping Mainers save and meet financial goals. This blog appeared in Journey, Maine’s magazine for those in the recovery community.