First Bank of the Lake: Valuable Lessons to Teach Your Children About Money

Have you ever thought, "Wow, I wish my parents would have trained me how to save money early on in life?" Odds are you probably have. Teaching our kids the fundamentals of money can make a huge difference in their lives. Our children are our future so it's important we educate them on how to save, count, earn and invest money. There are a few simple ways to do that and our bank at the Lake of the Ozarks is here to give you a few tips.

Valuable Lessons to Teach Your Children About Money

Lesson #1
Show them how to earn money by giving them an allowance.
Give your child an allowance and you will open up so many opportunities for teaching your children about money, which takes us to lesson # 2.

Lesson #2
Start saving as early as possible.
Just think, if you can teach your child to put just $5 of their allowance away a week, starting at age 5, they will have over $1000 by the time they are 9. Teaching your children how to save like this can only better prepare them for the future and show them how to support themselves when the time comes.

Lesson # 3
Teach them about cost, by showing them what their toys cost.
Next time you take your kid to the store and they ask for a toy, explain how much it costs in a way they understand. For example, if you give them $5 every time they take out the trash and the toy costs $25, explain that that toy costs 5 times of taking out the trash.

Lesson # 4
Budget, Budget, Budget!
If your kid has an allowance and they start wanting to buy things, you can teach them to budget their money. For example, if you are at the check out line at a grocery store and your child wants 2 lollipops, but can only afford one, teach them to budget their money, buying one now and saving up more money so that that next time, they'll have enough money for two.

Teach Your Children to Save! Help them Open Their First Savings Account at the Lake of the Ozarks.

First Bank of the Lake offers Minor Savings Accounts. They only require $50 to open this account with no minimum balance required. Teaching your kids to start saving as early as possible is essential. That way, by the time they are grown adults, they will have a good understanding of how saving money works and they will be more apt to making smart decisions with their money. To learn more about our savings accounts, visit our website at www.FirstBankLake.com or call us 573-348-2265.

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First Bank of the Lake - Striving For Excellence

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