Close
Skip to Content
Close Icon

Beachwood Office (888) 801-1666 Open Geo Locator

Your Preferred Branch

Beachwood Change Location

25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

View Driving Directions

Change Preferred Branch

  • Ada Office
    118 South Main Street P.O. Box 135 - Ada

  • Ada ATM (Non-Branch)
    525 S Main Street - Ada

  • Beachwood Office
    25201 Chagrin Boulevard, Suite 120 - Beachwood

  • Bellefontaine North Office
    1120 North Main Street P.O. Box 849 - Bellefontaine

  • Bellefontaine South Office
    1454 South Main Street P.O. Box 670 - Bellefontaine

  • Chardon Office
    348 Center Street P.O Box 1078 - Chardon

  • Cortland Office
    3450 Niles-Cortland Road - Cortland

  • Dublin Office
    6215 Perimeter Drive - Dublin

  • Garrettsville Office
    8058 State Street - Garrettsville

  • Kenton Office
    100 East Franklin Street P.O. Box 234 - Kenton

  • Lake County Loan Production Office
    8373 Mentor Avenue - Mentor

  • Mantua Office
    10691 Main Street P.O. Box 648 - Mantua

  • Marysville Office
    160 Coleman's Crossing Blvd. - Marysville

  • Middlefield - Main Branch Office
    15985 East High Street, P.O. Box 35 - Middlefield

  • Middlefield - West Branch Office
    15545 West High Street. P.O. Box 35 - Middlefield

  • Newbury Office
    11110 Kinsman Road, P.O. Box 208 - Newbury

  • Orwell Office
    30 South Maple Street, P.O. Box 66 - Orwell

  • Plain City Office
    490 South Jefferson Avenue - Plain City

  • Powell Office
    10628 Sawmill Parkway - Powell

  • Solon Office
    6134 Kruse Drive - Solon

  • Sunbury Office
    492 West Cherry Street - Sunbury

  • Twinsburg Office
    2351 Edison Boulevard, P.O. Box 560 - Twinsburg

  • Westerville Office
    17 North State Street - Westerville

Contact Us
Online Banking Login

Blog

Home Blog 5 Things to Teach Your Kids About Money

5 Things to Teach Your Kids About Money

Posted On: April 13, 2020 by The Middlefield Banking Company in: Budget Family General Savings

5 Things to Teach Your Kids About Money

Parenting isn’t easy, and we are here to help you in whatever ways we can. Keep reading to learn about these 5 simple and important things to teach your kids about money!

1. The Importance of Saving

The easiest way to encourage your kids to save money is by getting them a piggy bank. Some kids are fascinated by the piggy banks that automatically count your change, and other kids would enjoy a lovely glass pig to keep their money in. Go to the store and let them pick out a piggy bank they love, and they’ll soon find that keeping their money inside is enjoyable. Encouraging them to put their earnings in their piggy bank will teach them the importance of saving money early on.

2. How to Make Money

Implementing chores as a regular thing is a great way to teach them about earning their money. Start simple and give them a small allowance when they help out with some household tasks. Giving your kids an allowance without having them work for it is giving them the wrong idea about money. Chores are a perfect way to get your housework done quicker, and you’re teaching your kids a valuable lesson while you’re at it!

3. The Danger of Impulse Buying

Kids tend to be very impulsive and often have a hard time thinking through their decisions before making them. Teach them about the danger of impulse buying by not giving them everything they ask for right away. For example, if they see a toy in the store that they’re interested in and immediately ask for, don’t give in. Start saying “no” and explaining why it’s not a smart purchase. Kids learn by observing, so make sure you’re controlling your own impulse buying so they are observing good spending habits.

4. How to Budget

If your middle school or high school child has a part-time job, odds are they don’t have a whole lot to provide for quite yet. Teach them the importance of budgeting while they’re still living under your roof so when they move out, they’ll already know how. There are lots of helpful budgeting apps or plans online to get them started on. 

5. Giving Back

Giving back is an important part of being an active community member, and also teaches kids other great qualities like being selfless and considerate. Let them choose a charity, organization or church they are interested in and teach them the importance of giving.

If we all do our part to teach our children about money, we’ll be bettering the next generation. Open a savings account for your child with us!

0 comments