It is never too early to start your kids off with a savings account, even if you are the one maintaining it until they are old enough to learn the ins and outs of having their own account. In fact, it is a great option to consider for helping children learn to save money. Let face it, kids just don’t have the same understanding as adults do when it comes to money. For all they know, money grows on trees and think that Mom or Dad can buy them ANYTHING. When they want something, they want it now!
So for every parent who has ever negotiated with a 4-year old begging for a candy bar or new toy, there’s hope. PNC Bank has created the ‘S’ is for Savings℠ Account a fun and free interactive online banking experience designed especially for kids to help introduce them to financial basics! It’s, a new savings account that includes:
- A kid friendly learning center with video, games and savings tips
- A drag and drop feature. Kids can move their money into virtual jars which represent how they want to divide their money.
- Online allowance. Parents can transfer money from their own account using an ‘auto save’ feature.
Not only will the PNC ‘S’ is for Savings℠ Account allow you to spend some fun quality time with your child, this game will teach them the basics of making important choices like saving, sharing and spending. In no time at all, your child will learn about the value of money and how to save their nickels and dimes rather than spending them.
Teaching kids how to save, share, and spend are some of the most important skills that we can do for our kids as parents. S’ is for Savings℠ can assist parents in helping young children create strong financial habits and can encourage them towards financial independence later on in life.
I took a few minutes to navigate the site and play while the kids were doing homework and found it to be helpful for parents yet fun for kids I loved how it features aspects of Saving, Sharing and Spending. It is to promote the mentality of ‘saving and then spending’, instead of ‘buy now and pay later’ which is exactly the lesson we want to teach our kids. It is an adorable interactive game and great tool for teaching in a fun way!