This post is sponsored by Regions Bank member FDIC all thoughts and opinions are my own.
I’ve talked about finances a few times before on here but one thing that always comes to mind is the importance of teaching my children about money. How to save, when to spend, making smart decisions & the worth of all those things they so badly “need”.
Last year we started giving Micah an allowance of $5 a week if his chores and responsibilities were kept up with, and if not, he receives a deduction from his allowance (usually in .50c increments). On top of that, we laid down what he should do with this money. Our guidelines are the following: give 10%, save 10% & the other 80% he is free to do with as he likes. The savings part was the hardest for us to determine how that should be dealt with, but what we’ve decided is that he’s allowed to spend it once it is over the $50 mark. He’s quickly learned that he can sock away all his money to reach that goal quicker.
Recently Micah has been vocal about wanting a bank account, along with the responsibility that comes with it, so we headed to Regions Bank to open an account with the money he had saved away. And now that he has an account, he’s excited about all the features available to him that I also enjoy. The new Regions bank locations are technologically-advanced and innovative branches offering the company’s most modern features to-date. They are outfitted with new technology and personal service that our family looks for in a bank. Our favorite feature of the new locations being the DepositSmart ATM, where we have access to accept deposits and cash checks at any time, day or night. Because being a mom doesn’t mean I can always bend my schedule.
Do you have any tips/tricks for teaching children about finances?