April is Financial Literacy Month—and Dupaco Credit Union is celebrating with a weeklong press series designed to empower and inform. From April 14-18, we’ll be releasing a new topic each day focused on helping take control of your personal finances. This five-part series will cover timely, relevant insights from the experts at Dupaco. Follow the series and catch up anytime at dupaco.com/newsroom.
Dubuque, Iowa— Kids can start learning how to save at an early age. The sooner these lessons start, the more prepared they’ll be for a financially bright future. Preparing for Teach Children to Save Day on April 24, Dupaco is sharing simple, effective ways parents can start building smart saving habits with their children—no matter their age.
Building financial confidence starts with everyday conversations and small, consistent actions. It’s never too early—or too late—to start learning the value of saving. When kids understand how money works and see the benefits of setting some aside, they begin to develop healthy financial habits that can last a lifetime. These practical tips can help parents lay the foundation for strong money habits that grow with their children at every stage of life:
- Make saving a habit. Teach your child to pay themselves first by putting a portion of any money they receive into a savings account before spending.
- Help them set goals and prioritize. Write out a wish list of things they are saving for and help them prioritize that list by encouraging them to think long term. Help them allocate how much money will go into their savings so they can reach their goals. This helps build a habit first systematically saving before they are tempted to spend their earnings.
- Track progress. People who keep track of their savings often end up saving more, because they have it on their minds. Whether it’s updating a savings journal, filling a piggy bank or stopping into their credit union, watching that balance rise is both fun and motivating for children.
- Set up a homegrown investment. To encourage your child to save and reinforce saving behavior, you could offer to match your child’s contributions to their savings account.
- Talk about money. In a world of digital payments, it’s easy to lose sight of the value of a dollar. Make money a regular topic so your child understands how it’s earned, saved and spent.
- Save for the future, not just now. Encourage your child to set aside money for bigger goals down the road, rather than just saving for a short time and then spending their savings immediately.
- Teach them how to comparison shop. Teach other ways to save money on top of paying themselves first. Introduce skills like coupon hunting, price comparisons and the power of pausing before buying. These strategies can help kids avoid impulse purchases and build thoughtful shopping habits.
- Lead by example. Children learn best by watching what their parents do. Talk to your children about how you save and make saving a priority in your life also. The most important part of teaching your child how to save is to lead by example and save for the future yourself.
Saving money doesn’t have to be complicated. With a little creativity and consistency, parents can help children build strong financial habits that last a lifetime. For more tools and tips, visit www.dupaco.com/parenting.
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ABOUT DUPACO COMMUNITY CREDIT UNION
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Dubuque, Iowa. It is dedicated to the financial well-being of its members, and specializes in personalized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 118 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Founded in 1948 by ten Dubuque Packing Company employees, membership has grown to more than 173,000 with assets exceeding $3.5 billion. It has over 600 employees and 23 branch office locations. It is a Forbes Best-in-State Credit Union, Forbes America’s Best Small Employer, and a Des Moines Register Top Workplace. Learn more at www.dupaco.com.
