Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
Michelle Thornhill will provide personal finance tips to get you and your family on the right track when it comes to money management. This financial tip is sponsored by Wells Fargo. Here’s Michelle Thornhill.
Increase your child’s financial education by teaching them about saving and budgeting. If you have young children, one way to encourage saving would be to give them their allowance in small bills.
For example, if they earn $5 per week, pay them with five $1 bills and encourage them to save $1 each week. Or, use the things that they want, such as new clothes or toys, as an incentive. Let them participate in saving up for it and use posters, dry erase boards, or other visual aids to track their progress making it more fun and engaging for them.
Savings Quest, a fun game that teaches budgeting and saving for kids, is available to play at: www.mysavingsquest.com. Bringing your kids into the bank with you and allowing them to participate in opening their own savings accounts is another great way to keep them engaged. Wells Fargo also offers a savings club program designed to reward children ages 5 through 12 for saving.
This wraps our monthly series on teaching children how to be more savvy about their money. Join us next week as we explore strategies to start, grow and maintain your own business.
For more tips and information, visit wellsfargo.com/aspirations.