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Savings Plan for Kids

Conversation starters to save, spend and share for life.

 

Sometimes it’s hard to know how to get your child off to the right start saving money, so as parents, grandparents and mentors to youth, we at Hills Bank have brought together our experiences and financial knowledge to share with you.

 

The Hills Bank Savings Plan contains easy tools, tips, and conversation starters to help you teach and nurture your child’s understanding of money—where it comes from, how to earn it and what to do with it. While each family is unique, one common goal we share is that of financial responsibility and success for our children. Let’s partner together to teach the next generation.

 

Download this coupon to pick up the Hills Savings Plan Booklet for Kids at any Hills Bank location and begin your adventures in the world of money! 

 

 

 

 

 

 

Where does money come from?

 

You can get money from a lot of places. Some of it you earn and some is just a gift for being a great person. We’ll focus on three ways you can get money: allowance, chores and jobs, and gifts.

 

  1. Allowance
    One way to get money is for your parents to provide an allowance. This is an amount of money they give you at a set time. You’ll have to decide together how much and how often this happens. If you spend all your money on movies, popcorn, and pop, you might run out before the next pay day. Your allowance is a way for you to learn what you can and can’t do with your money. Will you use it only for fun stuff like the latest movie release or an afternoon at the swimming pool? Or, will you also need to buy your lunch in the school cafeteria and food for your pet hamster? You’ll all be happier if you decide on these things in the beginning. 

     

  2. Chores and Jobs
    You can get money by doing work such as chores around the house or jobs for neighbors and family. Ask your parents if there are jobs around the house that you could do to earn some money, such as taking out the garbage and recycling, mowing the lawn, or cleaning bathrooms. You might ask a neighbor if they need to have their dog walked or maybe you could babysit their young child. Whatever the job, show that you’re responsible by doing the job well and on time.

     

  3. Gifts
    One more way to get money is...drum roll, please...as a gift! Yes, that is right, a present given to you, and only you, to be used however you like. This might be when you have a birthday and your grandparents send a card in the mail with some cash inside. Or, maybe you get a perfect score on your weekly spelling test and your dad rewards you with some green. You want to be sure you say Thank You! It is so important to make sure the giver knows you appreciate the gift.

 

Say thank you.  Thank you card writing 101.

 

 


Save, Spend, Share - the three chamber method

Now that you have money, where do you put it? Why not make a special container that you keep in your room or other safe place? Check out our ideas for creating a cool “bank” just for you!

  1. Pick a container. You’ll need to have 3 separate chambers to keep your money divided. Use an item found at home, or buy one at the store. Here are some ideas to get you thinking: peanut butter jars, facial tissue boxes, or milk cartons.
  2. Decorate with style. Break out the paint, stickers, construction paper and more! Use whatever you like to give your bank style.
  3. Create an opening.  Make a slot in the top of each chamber large enough to let your money in, but small enough that it can’t spill out. Ask an adult to help you.
  4. Deposit your money. Listen carefully because we have a special way of doing it. Divide the amounts equally into each of the 3 chambers—save, spend, and share. Keep reading to learn why!

When your awesome new bank is ready to store your cash and coin, start thinking about what you’ll do with your money. The options are endless, but if you try to do all of them you’ll be out of money in a flash! Plus you might not use it the best way possible. Don’t get dizzy trying to figure this out, we’ve got some tips to help you save for later so you don’t run out, get fun stuff for yourself now, and even be able to share with others.

 

We call this the 3 chamber method and you’re gonna love it!

 


What are you saving for?

Saving is super important! There are quite a few reasons, but we’ll just name two.

  • First, some stuff you want costs more than you have to spend and will require you to save a little each time you earn or receive money. Saving will assure you have money for things you want in the future.
  • The second reason—to avoid debt—is kind of hard to understand. We’ll tell you a little, but you may have to ask an adult to help you out. Debt means you owe more money than you have. You can steer clear of this by following one important rule: only spend what is in your spend chamber. What's your savings goal?

Set a savings goal

 

What are you saving for? It might be a new bike, going to college, or a car. Saving can be hard to do, but if you set a goal it will be easier.

 

Create a chart and mark it as your savings grow, then you can see your progress. Another good motivation is to hang a picture of what you're saving for on the wall of your room, so you see it every day when you get up.

 

Start saving early

 

Maybe you are thinking that it won’t be very fun to save money, after all, that means that you don’t get to spend it right now. Well, think of it as “paying yourself first.” You’re not losing the money, you’re just putting it in a safe place so you can use it later for something big and special.

  

Take money to the bank

 

We’ve already talked about putting money in your 3 chamber bank. When your bank is filled with all the money you’ve been saving, it’s time to bring your money to Hills Bank. Ask an adult to take you and the money in your save chamber to your nearest Hills Bank location and make a deposit into your account.

 

If you don’t have an account yet, ask about joining the Penny Savers Club or Go! Program.  Your money will be safely held at the bank and you’ll receive fun newsletters in the mail. Also, watch for your bank statement to come in the mail. It will tell you how much money is in your account and other good stuff.

 

P.S. You should also know that Hills Bank pays you something called interest. Interest is a little bit of money the bank adds to your account throughout the year, so your money is actually growing! 

 

Now develop a plan to reach your goal, pay yourself first, and keep track of what you’ve saved, and you’ll be making that big purchase before you know it!

 


Spending your money

The spend chamber of your bank holds the money that you can spend on whatever you want. So, here comes a new question—how do you decide what to spend it on (because you won’t have enough money to do everything)? Make a wish list of things you’d like to spend your money on. Choose which item to purchase, and set aside money in your save chamber for the others. You’ll get something you want and still be managing your money wisely.

 

Remember—you can only spend what is in the “spend” chamber of your bank. No cheating!

 

How I spent my allowance.

 


Sharing your money

We’ve saved the best for last! The share chamber of your bank is the most exciting because it is the money that you will give away. (Yes, you’re reading that right.)

 

You could share by giving to:

  • a charity
  • your school
  • place of worship
  • whatever cause you believe in

Check out our list below for ideas to get you started!

Now, when you want to share, it doesn’t have to be money. You can also share other things of value—your time and your possessions.

 

  • Sharing time is a great gift to give because it’s free. You could give a wheelchair ride to a nursing home resident who would enjoy an afternoon outdoors. Or, maybe you like animals and could help feed or groom at the local animal shelter.
  • Possessions can be shared when you have something of value that another person needs. For example, when you grow out of your clothes, donate them to a homeless shelter.

When you share, you can make someone’s day brighter by helping those less fortunate who may not have what they need, like food, clothes and a warm bed. Best of all, sharing with others is the right thing to do and it makes you feel great!

 

Share with others.


For Parents: Words of Wisdom

 

Market research
Teach your child how to plan purchases in advance. Encourage him to do research and wait for the right time. Demonstrate how to make unit-price comparisons, and check for value, quality, availability, repairability, warranty and other comparison factors. Don't assume he knows what these terms mean.

- Darren G., Hills Bank employee

 

 

 

 

 

 The Big Picture

 

 

 

 

 

 

 

 

 

Each parent may have different experiences, values and beliefs about money. Parents should talk about these feelings and opinions and establish a consistent approach to teaching children about money.

This is essential to the healthy development of the children.

- Rachel K., Hills Bank employee

 

 

 

 

Remember to relax. It takes repetition for kids to learn, so be sure to have fun along the way!

- Kent C., Hills Bank employee

 

 

 

 

 

Lead by example

Wants vs. Needs
Help your child evaluate wants and needs. Make sure she understands, even in the simplest terms, that some of the allowance is for the things she needs, and some is for wants.
- Pam F., Hills Bank employee

 

 

 

 

 

 

 

 

 

 

 

 

 

Parents should show their kids that they can't afford everything they want either. It is good for kids to see that parents have to say "no" to themselves too. This could be brought up while window-shopping together.
- Joel K., Hills Bank employee

    

 

 

 

 

 

Paying Bills.

Ways to save
Give your child suggestions for how to save money. For example, use coupons or utilize sale prices and rebates.
- Bonnie S., Hills Bank employee

 

 

 

 

 

 

 

 

 

 

 

 

Record keeping
Encourage your child to keep receipts and a record of what he has spent.
- Jenny P., Hills Bank employee

 

 

 

 

 

 

 

  

 

Help kids spend money
Sometimes, kids get so focused on saving their money, that they don't spend any money along the way. Help them to enjoy their money by spending some on small purchases or by buying something they'd like.
- Jean A., Hills Bank employee 

 

 

 

 

 

 

 



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