Wednesday, September 19, 2012

Teach S is for Saving with a PNC Kids Bank Account

How many of you have taught or will teach to your children that the letter S is for Savings? Sure I know that in school, S is usually for Snake but as a parent you have the power to teach that S is for Savings. Have you?

As a parent, you are probably wondering how to go about this teaching. Do some of these questions sound familiar? 

  • At what age should I start talking to my kids about saving money?
  • How do I go about teaching this to young children? 
  • What resources are out there on this topic? 
  • Do I use real money or play money? 
  • Will this really make a difference later in life? 
  • Don't they teach this in school?

Here are some parent-friendly answers for you!

There is a new initiative to bring financial education to preschool kids ages 3-5. The thinking that this early teaching will help them learn to budget, save and plan for their future. Who should teach this? This is a subject that can easily be taught by parents to their kids.

PNC created a Learning Center with bilingual kits- "For Me, For You, For Later: First Steps to Spending, Sharing, Saving" which was created by Sesame Workshop for PNC. These materials are free at PNC Bank branches and pncgrowupgreat.com and sesamestreet.org.

Does this sound like something you would use with your kids? PNC also created a family friendly site, 'S' is for Savings for you to use with your children to teach about saving money.

  • This is a free site.
  • It has interactive online banking activities that uses basic money terms.
  • It is fun and inspired by Sesame Street.
  • You can set up a free account for children 18 and under with no service charge.
  • Interest on balances start at $1.00.
  • It only takes $25.00 to open an account.
  • Parents can add money to the account, easily. This can be done at a PNC band, online and even ATM's.
  • Kids can drop their money into jar to give them control - with your guidance-on how to spend, save and share. (This is a really cool feature)
Does this sound like something you would use to teach your kids that S is for savings? Yes S is also for spending and sharing, which is taught with this resources. Check out the 'S' is for Savings site and use these free resources to help guide you in teaching these life-long lessons.

Click here for Part 2 in this S is for Saving series about Kid Banking.

Disclosure: I received compensation from The PNC Financial Services Group to thank me for my participation in their promotion. My own tasty words and opinions are expressed here. 

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