MURFREESBORO, Tenn. (WTVF) — Data shows more than half of children in Tennessee live in households facing financial hardship — and for many people, lessons about budgeting, saving, and understanding money never came during childhood. Experts say starting those conversations early can set kids up for a more financially stable future.
"It's been proven that at an early age of around seven, children start to develop their financial habits," Redstone Federal Credit Union Assistant Branch Manager Jessie James said.
James says most children first get exposed to money through presents or allowances — and that those moments are an opportunity.
"That's a great time to have a conversation about saving, spending and giving. That's very important," James said.
He encourages parents to open a youth savings account, which James says you can start with as little as $5. A piggy bank or even an envelope can work just as well.
"It could be coins that somebody is saving, just the importance of them handling the money and understanding what the power of money can do," James said.
Part of that power, James says, is planning for the future.
"Start talking to them about what they want to do with that money. And not just only is money meant to be spent, but it's also meant to be saved, and it is a great planning tool," James said.
James also encourages parents to share not only financial successes but also past mistakes, so children can learn from them.
"As they become more responsible adults, those stories, they will play those back in their head and say, I don't want to be like mom and dad," James said.
He compares saving to training for a marathon — at first, you may not be able to run a mile, but if you stick to it, you'll eventually cross the finish line.
"Get you $100, then set yourself a goal for $500, set yourself a goal for $1,000 — those are just those baby steps that you can take to get you in a habit," James said.
And no matter your age, James says it's never too late to start.
"Everybody needs a little savings account somewhere so that they can potentially plan for those things that may unexpectedly come up," James said.
Do you have more information about this story? You can email me at Patsy.Montesinos@NewsChannel5.com
Here’s a beautiful story of how one mother turned her grief journey into a gathering of gratitude… and organ donation awareness.
Robb Coles highlights a special event organized by Cari Hollis – whose 26-year old son Austin died two years ago. Austin agreed to be an organ donor – and that single gesture saved multiple lives.
Cari reached out to as many recipients she could find – several of whom traveled to Nashville for an emotional celebration in Austin’s honor. One woman – whose life was saved by receiving Austin’s lungs – put it simply: “He’s my angel”.
- Rhori Johnston
