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Teaching Children to Save!    (Hear More)

 

In April, as part of American Bankers Association Foundation’s national “Teach Children to Save” financial education campaign, volunteers from Friend Bank visited local schools and shared with students about the importance of savings.

 

Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults.

 

Friend Bank offers the following tips for money-savvy parents raising money-smart kids:

 

Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask questions, and be prepared to answer them, even the tough ones.

 

Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.

 

Open a savings account for your children and take them with you to make deposits so they can learn how to be hand-on in their money management.

 

Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.

 

Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts.

 

Set the example. Children tend to emulate their parents’ personal financial habits.

 

If you would like to continue the savings conversation with your child at home but are not sure where to begin, follow us on facebook for tips.

 

 

Friend Bank is a third-generation family business and one of Alabama's oldest community banks. The bank operates five full-service banking offices, in Slocomb, Dothan, Geneva, Hartford and Newton.


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