Teaching your kids to be smart with their money: Advice from Fifth Third Bank

Posted: Sep 30, 2020 / 12:06 PM EDT / Updated: Sep 30, 2020 / 12:06

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GRAND RAPIDS, Mich (WOOD) – It’s important to talk finances with your kids in order to teach them about money and responsibilities. We met up with Scott from Fifth Third Bank to learn more about kids and finances.

It’s super important to start early with teaching your kids about the responsibilities with money because it will be something they use the rest of their lives. Fifth Third Bank suggests using 3 simple concepts: Spend, Save, and Share.

  • Spend: Learn the difference between your wants and your needs. Help kids understand what to spend their money on in a smart way.
  • Save: Teach them to save for things they want – new game, toy, college, a car. Teach them to set goals for their savings.
  • Share: Teach your kids about how to share their money with people in need through donations. Have them find organizations they are passionate about and donate a portion to help their community.

Teaching kids early about being smart with their money will set them up to be successful for the rest of their lives! For more information, visit Fifth Third’s website.

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