Teach Children to Save Day
Tuesday, April 24 is Teach Children to Save Day, a national program sponsored by the American Bankers Association Education Foundation that raises awareness about the important role that banks play in helping young people develop lifelong saving habits. Here are some tips for parents and other adults to help the children in their lives become smart savers.
Start a coin collection. You can help children start an “America the Beautiful Quarters” coin collection from the U.S. Mint. In 2010, the U.S. Mint began to issue 56 quarter-dollar coins featuring designs depicting national parks and other national sites. The next five quarters are being released in 2012, and the program runs through 2021. Teach your kids to save quarters and come to FSB for new quarters as they become available. For more information, visit www.usmint.gov.
Play Treasury trivia. Can your family distinguish “real” currency from counterfeit bills? Did you know that money changes colors, or that each day the Bureau of Engraving and Printing prints currency worth approximately $541 million? Investigate Treasury trivia, play games and learn about U.S. currency at www.moneyfactory.gov.
Take advantage of shopping trips. Family shopping trips are great opportunities to discuss budgeting, spending and saving. It’s easy to give clear examples of “needs” and “wants” using different kinds of food at a grocery store: Milk is a need; soft drinks are a want. Comparison shopping is another valuable way to teach saving. Research the prices and quality of several similar items before making a purchase.
Set a family saving goal. Involve everyone in saving and budgeting by setting a goal everyone agrees on. Choose something your family wants to buy or an event your family wants to attend. Write a budget and ask every family member to make regular contributions. Discuss cutting costs or ways to earn more money to reach your goal quicker. Hold family meetings (serve popcorn and snacks!) to discuss your progress.
Visit an FSB branch with your family on April 24. While there, encourage your children to open a Kids Count Savings Account if they don’t have one already.
All members receive:
- Official Kids Count backpack including:
- Kid-friendly savings register
- Piggy bank
- Coloring & activity book
- Quarterly newsletter full of fun activities
- A special birthday surprise
- AND, no inactivity fees!
Research shows teaching kids to save teaches self control, and kids who save are more likely to go to college, have a better outlook on life and are more financially literate.