VIRGINIA BEACH, Va. (WAVY) — With summer here, you might be surprised to learn this is actually a great time to talk to your kids about the importance of saving, with the key being to make it fun and use examples they can physically see.

“With my kids growing up, one of their favorite games ended up being ‘The Game of Life,’ and whether there are responsibilities, money management, or consequences that come up,” said Eric Bartok, managing director of investments for Oppenheimer & Co. Inc. in Virginia Beach. “Monopoly is another great game, as is Pay Day, but I also think that it helps the kids unplug from the internet and social media and their phones and actually get back into developing a relationship and having a relationship with them.”

He suggests those games for kids 8 and older.

For your teens, it might be time for a summer job. From a restaurant to a clothing store to babysitting, the type of job doesn’t matter as much as doing the actual work.

“I think getting them in the habit, and most especially important, we hear the complaining, right? For the first two weeks until that first paycheck comes, right? And then when the first paycheck comes, I think there’s an appreciation and a gratification and a satisfaction that they can look at themselves in the mirror and say, ‘Wow, I did this,” he said.

Bartok recommends teaching your child to save part of their paycheck while also helping them understand spending on a want versus a need.

“If you’re focused on school supplies, now you’re talking, ‘Well, I need pencils. Well, do I need the expensive mechanical pencils or are these pencils that I’ve used when I was in school just fine,” Bartok said. “They have erasers, and they’re significantly cheaper, you know? Then, there are backpacks and differentials between them. What do we need and what do we want? So, they may look cool, and they may be more fun, but I think you can actually develop that at an early age.

“One of the reasons why we did encourage the working, too, is well, this is what you need. This is what we’re in for. If you want, for example, that pair of Air Jordans, you’re going to have to pay the difference, and so it was amazing to me to watch their own decision-making and saying, ‘Well, I don’t want to kick an $80,’ and so that light goes on where they appreciate, ‘Well these are just fine,’ and they don’t want to start spending their own money. They love spending our money, but they don’t love spending their own money.

“So we we kind of partner with them a lot, too, and some of those decisions, ‘Hey, I need the newest iPhone’ — there’s nothing wrong with your phone. You got a phone two versions ago. I’m in for 25% of the cost, but there’s nothing wrong with your phone. You’ve got the other 75%. How badly do you want it, right? And that kind of gets into that want versus need. We want to make sure they’re safe. We want to make sure we can see their location. We probably don’t need the upgraded iPhone immediately.”

For your youngest children?

Bartok said using arts and crafts is a great way to get them excited about saving.

“Especially when they’re younger, and if you have a kid who’s artsy or crafty, a do-it-yourself piggy bank is a great idea,” he said. “You can go to a discount store, get a bank, and allow them to paint it, put stickers on it, color it, whatever it is they want to do, and by the way, it’s going to occupy them and keep them off of electronics too. So it’s, again, one of those things, you can sit down with them and do it. So, we definitely encourage that. I think they have fun doing that.”

A less expensive way of doing that is to take an old shoe box and decorate that, throw some tape around it and keep it closed. He also said parents can encourage their kids’ saving by taking the current interest rate, and tossing in the amount of interest on what their kids have saved, even it’s just $1.12.

“They can start seeing that money in the box, or the piggy bank, getting heavier,” he said. “There’s an appreciation for that. Even as young as 5-years-old, there’s an excitement to it, and I think that’s been the fun part for me.”

Bartok said talking with children — starting at a young age — about saving is very important for their future.

“I do believe that this next generation is going to need, with inflation that’s occurred here recently, … to have some basic tools as to money and how it works and simple things and pitfalls to avoid,” he said.

Bartok also recommends the following:

  • Create a Goal-Setting Vision Board: Help kids create a vision board for their summer savings goals. Provide magazines, newspapers, and art supplies so they can cut out pictures and words that represent their goals, such as toys, trips, or future colleges. Display the vision board prominently so they can visualize their goals and stay motivated to save. This visual approach makes saving feel tangible and exciting.
  • Have a Savings Celebration: At the end of the summer, celebrate the kids’ savings achievements with a special event or outing. It could be a picnic in the park, a trip to their favorite ice cream shop, or a movie night at home. Recognize their efforts and the importance of their savings goals. This reinforces their saving habits and encourages them to continue managing their money responsibly.

“Teaching kids about saving during the summer doesn’t have to be dull or daunting,” he said. “By incorporating these fun and creative activities into their summer routines, you can empower children with valuable financial skills that will benefit them for a lifetime.”

He said while concentrating on instilling strong financial habits for kids, to not forget about your own savings goals. One way is to research the value of opening a 529 account for their education, and if you already have one, continue to contribute to it. Also, put a little extra in your savings account each month so you’re prepared for unexpected emergencies.

“Saving and money management,” he said, “is a lifelong endeavor.”