Today is Teach Children to Save Day and local banks such as First National Community Bank (FNCB) are partnering up with local schools to celebrate!
Established by the American Bankers Association in 1997, Teach Children to Save has reached more than 5.6 million young people through the commitment of more than 121,000 banker volunteers.
“Our financial literacy programs give us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers and smart users of credit,” said Claire Guarneri, community office manager at FNCB’s Kingston branch.
FNCB encourages parents to join in the Teach Children to Save effort by utilizing the following tips:
· Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
· Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you 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. They will learn how to be hands-on in their money management.
· Let friends and family know about your child’s savings goal. They’ll be more likely to give money for special occasions, which means more trips to the bank.
For more information, visit www.fncb.com
What are you doing to teach your children to save? My kids all have piggy banks and they are encouraged to save a portion of the money they receive for birthdays and holidays i their piggy banks. We also have a large container that sits in our dining room, which we have dubbed our “Disney Fund” and we all put our loose change in their, children included.
I would love to hear how you encourage your children to develop good spending and saving habits.
<p>Image courtesy of Ambro/ <a href=”http://www.freedigitalphotos.net” target=”_blank”>FreeDigitalPhotos.net</a></p>