StonehamBank Promotes "Teach Children to Save Day"
April 24, 2012
In observance of Teach Children to Save Day on April 24, StonehamBank is encouraging local families to recognize the day by communicating the value of saving money to the young people in their lives.
Education and hands-on money experience are critical to ensuring a new wave of smart money managers, and we want parents to know that saving is important and everyone can do it, even kids.
StonehamBank offers the following tips for raising money-smart kids:
- 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, so they can 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 cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
Since its inception in 1997, the American Bankers Association Education Foundation’s Teach Children to Save Day has reached more than 5 million young people with the help of some 120,000 plus banker volunteers.