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Saving Smarts for Kids

Saving Smarts for Kids

April 5, 2018

Pointers to cover: 

  • Why putting money aside each month is crucial
  • How interest and compound interest work
  • Long-term vs. short-term saving
  • Reasons to save

Conversation starters 

For kids under age 9: 

  • Let’s say you’ve only got $15 and you want to buy a drone that costs $65. You get $5 a week as your allowance. How can you buy that drone?
  • When did you wait for something and find that it was more enjoyable because you waited for it?
  • Can you think of some things that Mom or Dad saves up for?
  • If you earn $0.10 for every dollar you save, how much money will you earn by putting  away $5?

For kids over age 9: 

  • Are you saving up for anything important?
  • Can you think of some things that Mom or Dad saves up for?
  • Have you ever had to pay for something unexpected? How did you come up with the money?
  • Some things we save for are short-term goals, and others are long-term goals. Can you name some of each kind of goal? How will we save differently for each kind?
  • Do you think it’s smart for Mom and Dad to keep money they’re saving under the mattress? Why or why not?
Cornerstone Credit Union
1-800-711-3277  •  Routing: 271184425  •  NMLS #743907
 

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