July is National Make a Difference to Children Month

Tuesday, July 11, 2023 | 03:42pm

This month raises awareness about the vulnerabilities children can face if they do not have a guardian and/or mentor role model in their lives to guide them. Studies show that children are more likely to pursue higher studies if they have these positive influences in their lives.

We encourage you to use this month as an opportunity to build a strong and positive financial relationship in a child’s life. Learning about savings, investing, and finances can set a child up for a successful financial future!

Where to Start

  1. Set savings goals. A great way to motivate children in setting savings goals is by helping them to list out specific activities or goals they may want to accomplish. Fill up a savings jar with coins, tell them stories about the personal experiences associated with saving this money, and help them to envision what they would be able to do once they save up a certain amount.
  2. Open a savings account for your child(ren). Monitor their account and watch it grow together. Take the time to show them what things cost. The next time you are at a store together, and they want to buy a new toy, direct them back to their savings account and ask them to consider whether this purchase is worth the amount they want to spend and if they have enough in their savings to purchase it themselves. If they decide to purchase the item, have them pay for it. The act of paying with their own money will directly demonstrate how much the item costs and how much is needed in savings to pay for it.
  3. Demonstrate the differences between needs versus wants. Explain how water, food, clothing and shelter are necessities and teach them the importance of placing their needs before their wants – even in your family’s daily shopping. Wants are items that we do not need to live. For example, we can live without going eating out at restaurants, buying a new television or the latest smartphone. Understanding this difference will help them evaluate their purchases in a smart way that will set them up for financial success in their future adult years.
  4. Take courses together. Here at the Tennessee Securities Division, we offer a program called “Achieve for K12” that features engaging courses of content developed specifically for 7th- 12th grade students. As you work through the modules together, we encourage you to think about how these financial tools and topics can apply to everyday life. Click the following link to get started! https://tennessee.everfi-next.net/welcome/k12-education.

For more information about the Tennessee Securities Division, visit tn.gov/securities, or email securities.1@tn.gov.



Rachel Carden serves as the Director of Investor Education for the Securities Division of the Tennessee Department of Commerce and Insurance.