(BPT) - As you look ahead to the new year, you may think about ways to help your kids succeed in life as they navigate their way through school - whether that means elementary school, high school or college - and eventually into adulthood. While money can be a tricky topic to navigate, especially if it was a taboo topic when you were younger, start the conversation to help them benefit from your experiences. Finding tools together that can help kids learn how to best manage their own finances as they grow and mature will help set them up for financial success in the years to come.
To help you get started, here are tips that make it easier for kids of all ages to learn how to save, budget and begin managing their finances more independently.
1. Start the conversation
Even when kids are in elementary school, start talking about money in a realistic way so they can understand how it's used to support your lifestyle. Begin the conversation in an age-appropriate way that highlights ideas such as knowing the difference between needs and wants, saving for something special and tracking the money you earn as well as the money you spend. For example, young children can understand the idea of saving up money from their allowance or lemonade stand to buy something they want in the future.
2. Take notes and use tools
As your kids get older, explain the budgeting basics - even as simple as listing what you earn and what you spend, so you can ensure you won't spend more than you have. Any leftover money is best put in savings first, then they can consider working toward items or experiences they might want to buy. There are many budgeting resources out there, so you can find the one that works for you, including budget worksheets to track spending. The Snapshot feature in the Chase Mobile app provides a daily digest of spending, highlighting top categories to help them plan accordingly.
3. Get organized and go digital
Financial confidence starts with getting organized. You can find easy-to-use budgeting tools that work for kids and parents both, with different levels of parental oversight and management suitable for different age groups.
For example, accounts like Chase First Banking are designed with students ages 6-12 in mind (and available for kids 6-17) with parents having full ownership. The account gives kids tools, tips and safety features to help them learn money basics - all with no monthly service fee.
Students ages 13-17 can opt for Chase High School CheckingSM - a checking account co-owned with a parent to provide oversight and monitoring - which offers tools and resources for students to learn how to manage their money with confidence, all with no monthly service fee. This is ideal for kids with jobs who need direct deposit, and they can pay friends with Zelle. This checking account helps high school students with these firsthand digital transactions and account balances which can help with budgeting and saving.
Chase College CheckingSM is available to students ages 17-24 in college, university, community college, or a vocation or technical school, providing access to digital banking tools to help them stay on top of their finances throughout the semester. Chase College Checking gives students the tools and resources to manage their money independently, with no monthly service fee for up to five years while in school.
4. Plan for the future
According to Bankrate, 59% of Americans are uncomfortable with the amount of emergency savings they have, and 27% have no emergency fund at all. It's important for kids of all ages to know that unexpected events in life can happen, and planning ahead may help reduce stress and better cope with whatever may occur. For this reason, building an emergency fund or saving for a rainy day is a crucial skill to learn. Features like AutoSave will help them set, track and meet savings goals to help them prepare for the future.
Throughout their formative years, your kids can start learning and practicing vital money skills that will stay with them for life, as well as how to use financial tools so they will be able to stay on top of their finances and achieve their goals.
Learn more about all the options available to get your kids started on the right financial footing at Chase.com/studentbanking.
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