My Kids Zone
Financial Fitness For Kids – Dolls & Action Figures Welcome.
"Mom and Dad...
I won't be a kid forever."
No matter how budget conscious you've become, chances are you're raising a couple of "mini-me's" that think they can wave a wand around to take the entire toy store home. After years of experience we've complied a few of our recommendations on how to teach your children sound financial principles.
As a banking institution that opened our doors more than 100 years ago, First National Bank understands the impact of financially educating the next generation.
Click on the topics below for tips on how you can start financially preparing your children...
Teach Young Kids To Earn
Kids may find their first real job i.e. working in exchange for income, quite stressful if they haven't gradually been exposed to earning money. But, if your child is too young for a traditional job, how can kids earn? Well, at the preschool age provide your child a coin to drop in their piggy bank whenever a small predefined task is accomplished. Then, as kids mature, make time to supervise their other "entrepreneurial endeavors."
Common, fun, and financially educational ideas include:
- A baked goods or lemonade stand
- Washing cars for profit with their siblings and/or friends
- Making small crafts to sell after school
- Doing yard work or planting flowers for neighbors
Make math mean something—Include your kids in financial planning
Planning to open a savings account or eduction fund for your child? Sure it's easy to do online—but you could make it a field-trip and bring your child along in person. Our branches are full of friendly faces (and lolly pops) to help your child gain experience with sound financial practices. Then, whenever you can, have your child help make deposits. Age- appropriate responsibility builds a child's confidence and it will teach them money grows when it's not spent.
Remember: Financially fit kids = a financially fit community and economic growth down the line. Everyone benefits, especially your child.
Turn your kid's part-time job or small business into retirement
Believe it or not, it's perfectly acceptable by the IRS to take your child's earnings and start their retirement fund. Numerous kids these days are starting successful online and offline businesses and can benefit from the tax breaks and financial head start as much as any young adult. Or, if they take a traditional job like bagging groceries or a newspaper route, they can direct deposit a small amount of their earnings into their retirement just like you.