Iowa Falls State Bank is encouraging children to save, by starting a deposit
punch card. Children will receive a punch for every deposit made, when their
card is filled it will go into a drawing for a prize.

Teaching a child to save money isn’t easy. They usually want to spend the
money they have received or earned immediately. Often to encourage savings, you
may need to show children the benefits of saving in creative ways. Here are a
few tips that may help you and your child;

Encourage them to set goals, if they are saving for an expensive toy,
hang up a drawing of a thermometer to chart their savings progress, or a picture
of the wanted item.

Make a wish list, have your child identify fun things to spend their
money on. For older children, prioritizing the list can be a helpful challenge.

Open a savings account, help the deposit a portion of money they earn
into a savings account and track the interest earned on the account. Help your
child fill out their “pass book” every time they make a deposit or withdrawal.
Encourage them to keep their book up to date, even if the balance is low.

With all this in mind remember…

Set a good example, save money in front of your children, deposit
money in the bank when you are with your children. Explain what you are saving
for and your children will mimic your behavior.

Did you know that the most common way people have learned about personal
finance is from their parents or at home and yet only 31% of 9 – 12 year olds
say their parents discuss finances with them.

Your children will be in charge of their financial futures, soon.

Will they be ready?