April 23 marks the 17th annual Teach Children to Save Day. Range Bank, N.A. is partnering with Bothwell Middle School in Marquette and Lakeview School in Negaunee to celebrate the campaign with savings education today.
More than 300 Marquette County students in 4th and 5th grades will explore the reasons it is important save money, the difference between saving for needs and wants, how money earns interest and more.
Established by the American Bankers Association Education Foundation in 1997, Teach Children to Save has reached more than 5.6 million young people through the commitment of nearly 122,000 banker volunteers.
“This program gives us the opportunity to share our life experiences and banking knowledge to motivate students to become lifelong savers,” said Roxanne Daust, Executive Vice President at Range Bank. The program encourages class participation and helps children to understand the difference between needs and wants.
Range Bank, N.A. offers the following tips for money-savvy parents raising money-smart kids:
1 – 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.
2 – 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.
3 – Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
4 – 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.
5 – Let them make mistakes. As they get older, give them responsibility over how they manage their money. When they make a mistake, use it as a teachable moment to discuss the right way to handle money.