National Teach Children to Save Day Is April 29

The American Bankers Association Education Foundation established National Teach Children to Save Day to highlight the importance of teaching our nation's youth about saving money. This year, National Teach Children to Save Day is Tuesday, April 29. Do your part by talking to your children and visiting classrooms to share savings lessons. 

Your children may know how to spend it. But what do your children really know about money? Here are several hands-on activities from the Virginia Society of Certified Public Accountants (VSCPA) to help you teach your children how to handle their personal finances.  Download this flyer (.PDF) for your child to help him or her become a money-wise kid!

1. Start out young with money recognition, spending and saving.

It’s never too early to start talking about money. Toddlers and very young children can recognize pennies and other coins and learn how to spend and save them. Suggested activities include pretend grocery shopping or saving coins in a piggy bank.

2. Talk to elementary schoolchildren about budgeting, setting financial goals and borrowing money.

Teach your children to live within their means by encouraging them to save 10 percent of their allowance, give 10 percent to charity and spend the other 80 percent. Suggested activities include giving a weekly allowance or opening a savings account.

3. Teach middle school and junior high students about investing, credit and compound interest.

Talk to them about using credit wisely. Explain how compound interest works for you when your money is invested properly and how it works against you when you are charged interest on your credit card balances each month. Suggested activity includes giving your child a prepaid credit card.

4. Make sure high school students understand how to earn, save and spend money responsibly.

Students can open a checking account and learn how to balance a checkbook. Be sure students know how to use credit cards responsibly. Suggested activities include opening a checking account or reviewing a first paycheck.

Developed as part of the VSCPA's award-winning Financial Fitness initiative (www.FinancialFitness.org), these money management tips are offered to help improve the financial health of Virginians. Through community outreach and education, the Financial Fitness campaign is part of a national effort of the CPA profession to educate and increase knowledge of Virginians and all Americans — from school children to retirees — on money management and fiscal responsibility topics.

For more information on the VSCPA Financial Fitness program, please contact VSCPA Media & Public Relations Specialist Shawnte Reynolds at sreynolds@vscpa.com or (800) 733-8272.

The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association dedicated to enhancing the success of CPAs. Founded in 1909, the VSCPA has approximately 8,300 members who work in public accounting, industry, government and education. For more information, please visit the Press Room on the VSCPA Web site at www.vscpa.com, e-mail vscpa@vscpa.com or call (800) 733-8272. To search for a CPA in your geographic region, visit www.FinancialFitness.org and click on “Find a CPA.”