National Teach Your Children to Save Day: The April 22, 2021 in the context calendar of our US neighbors clearly dominated by the economy. Because this date has been celebrated in the United States since 1997 as a national variant of Children’s Day ( National Teach Your Children to Save Day ). Reason enough to include this national day for teaching thrift into the calendar of curious holidays from all over the world and to tell its story with this article. What is it about?
Who started National Teach Your Children to Save Day?
In contrast to many other curious holidays and action days from the land of unlimited possibilities, in the case of the National Teach Your Children to Save Day there are very concrete indications of who started it and since when exactly you have been celebrating.
In detail: As already mentioned at the beginning, this national savings day has been celebrated in the USA since 1997. It was initiated by the American Bankers Assn Community Foundation (ABA) in Washington DC as part of the US Financial Capability Month in April and the Teach Children to Save (TCTS) program. However, this event is a flexible date and occurs every year on different dates around April 25th. In 2019 and 2020, one breaks out of this calendar scheme – probably also due to the upcoming Easter festival – and has set national children’s day on April 12th. At least this year, the National Teach Your Children to Save Day is a calendar parallel event to the US American Day of Silence (GLSEN National Day of Silence).
The Value and Benefits of Funding as a Service to the Community
The aim of these campaigns is for bankers and financial experts to make their knowledge available to the local communities. Specifically, the aim here is that the children, in particular, are taught the importance and advantages of financial reserves.
Now, especially in the USA, trust in the country’s financial experts is not particularly great after the events of the last great economic crisis since 2007, but on the other hand I also like the idea of obliging the banks in particular to serve the community. And with a view to the National Teach Your Children to Save Day, probably with some success. Ever since its launch in 1997, the ABA can bring about 177,000 bankers to about 6 million students brought the issue of savings and formation of financial reserves closer (see for even the thematically related post World Savings Day on October 31).
Teaching children to save: 7 tricks that work in a playful way
The right way to deal with money has to be learned. That is why it is worthwhile to train even the youngest in dealing with money. We’ll tell you how you can teach them what value money has and that it is worth saving money.
One does not talk about money – this or something like that is the answer of many parents when the children ask how much mom and dad earn or how expensive the car was. And maybe there is something to the saying. Or maybe not.
Because our children in particular would benefit if we were more transparent with our money and our savings. After all, where should children learn how to handle money responsibly, if not from their parents?
Money shouldn’t be a taboo subject
Therefore, of course, nobody now has to read their parents’ bank statements with their offspring. But if the children ask how much money mom and dad actually have, you can explain it to them in context. Nobody has to throw numbers around.
But the fact that you have to pay monthly rent for the apartment, that the weekly shopping costs something and also that the car doesn’t run on air – that can be explained even to the little ones. And that also includes explaining to them that you have to work for the money you want to spend.
Learning to save is the first step
Teaching children the value of money is not easy. The simplest method is therefore to teach them to save and to encourage them to use their own money for wishes. However, it is not enough to put them in a piggy bank. It takes a little more explanation.
After all, for most people, life is not about accumulating as much money as possible. It’s about making a good life with what you have at your disposal and sometimes fulfilling a wish. And that’s exactly what we should teach our children to do.After all, for most people im LifeAdnot about amassing as much money as possible. It’s about making a good life with what you have at your disposal and sometimes fulfilling a wish. And that’s exactly what we should teach our children to do.
Learn to save by playing: 7 tricks
The topic of saving does not have to be boring at all, because there are various methods of introducing the children through play. We have collected 7 tips that teach children the value of money in a child-friendly way.
1. Play shop
Small children at the age of two or three certainly don’t have to be taught anything specific about money. Nevertheless, you can introduce them to the subject in a playful way, namely by playing with them in a shop.
This will teach you a little about the concept of money. That you have to pay something if you want something. It is of secondary importance if they sell you a pack of pasta for 100 euros.
If the children get older and know the numbers up to 10 or 20 and their value, you can expand the game. You can use them to make price tags for the various products in the store and give them a budget for which they can ‘buy’ certain things. In this way they learn to pay attention to prices, compare them and get along with what they have available.
Tip: You do have a shop, but you lack the cash register and play money? You can buy that right here on Amazon . It’s not long until Easter either.
2. Play Monopoly
You can play a round of Monopoly with older children who can already read and do arithmetic. Because it is about using the starting capital of what you have to achieve the greatest possible success. Buying roads, building houses or paying rent, they learn that you have to use (game) money purposefully in order to be the winner in the end.
The game is of course not a reflection of reality and life is not just about winning, but it shows children (and adults too) in a simplified way how the market economy works.The game is of course not a reflection of reality and it works LifeAd not only about winning, but it shows children (and adults too) in a simplified way how the market economy works.
3. Take children with you to go shopping
Up to a certain age children do not think about where the things of everyday life come from or that they cost something. So it’s always good to take children with you to go shopping. You can explain to them what butter, yoghurt and cheese cost and show them that some products are cheaper than others. By showing our children how we handle money, they learn.
Older children can be sent out alone to run small errands. To do this, you give them the shopping list and a certain amount. And the little shoppers can keep the remaining money. In this way, they automatically learn to compare prices. After all, they want to come home with a little ‘plus’.
4. Let pocket money buy your own things
From elementary school age onwards, children can be introduced to the subject of pocket money. With their own money they can buy whatever they want (as long as it is their age). As a parent, you should definitely suppress the urge to try to talk them out of things that you think are nonsense yourself.
This is the only way they can learn that you sometimes buy something that is not worthwhile. It also helps children understand the value of an object or toy faster and take better care of their belongings.
5. Help them with ‘big purchases’
Your own pocket money is usually enough for small items such as magazines or a trip to the cinema. For larger purchases, the child must learn to save properly. Depending on the frequency with which children receive pocket money (weekly or monthly), you should explain how it works and not just put a piggy bank in their room.
For example, explain to your child that they should put some of their pocket money aside and save for the big purchase and that they have the other part available for now. So it still has the opportunity to fulfill small wishes, but can also save on the big.
Depending on how big the wish is, you can also offer the child that mom and dad participate in part. That definitely motivates.
6. Make saving a game
You can also motivate your child to save if you give them small savings goals that they have to meet and for which you pay them a small premium – similar to the model of interest on a bank account.
For example, if a child receives 5 euros a week in pocket money and has at least 10 euros left at the end of the month, they can be granted a one-off additional payment of 5 euros. Or you invite them to a movie or go out to eat pizza together. In this way the child learns that saving can really pay off.
7. Let them run a flea market
Toys are essential for children. But at some point not only does the children’s room burst at the seams, at some point consumption also nibbles badly on the parents’ wallet. For the latest desire, you can therefore encourage your child to sell older toys that are just lying around anyway and to invest the proceeds in the new toy.
Toys that children have bought themselves, for which they have saved up and for which they have parted with other things, are often much more valuable to them than gifts.
How well can YOU actually handle money?
Children always and everywhere learn from their parents, including when it comes to saving. Mum and dad should therefore set a good example and speak openly with the child about it. How do parents save and what for? Or are you not saving at all? How well can the big guys handle money?