Teach Children to Save
Bank of Washington Teaches Kids To Save
Washington, MO – Bank of Washington recently partnered with seven local grade schools from Washington, New Haven, Union, Villa Ridge and Marthasville to teach students about the importance of saving. More than 400 local children explored saving, budgeting, prioritizing and more.
“We are very grateful for the schools opening their doors and allowing us to contribute to their students’ learning. By educating the students in our community on smart ways to save and manage their money at a young age, we hope to create a community of lifelong savers,” said Buzz Eckelkamp, President of Bank of Washington.
Bank of Washington’s efforts to educate local students about making smart money decisions coincided with the ABA Education Foundation’s Teach Children to Save program. Teach Children to Save is a national campaign of volunteer bankers who since 1997 have helped young people develop lifelong savings habits.
Bank of Washington also has a club designed exclusively for kids called Kids Go Green. Kids Go Green is designed to teach children to be smart savers and to learn different ways of giving back to the community. Bank of Washington offers the following tips for money-savvy parents 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 to take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.
The Bank of Washington is the oldest and largest community bank in Franklin County, serving the community for over 135 years, and offering banking seven days a week at their branch located inside Schnucks in Washington. In addition to six convenient branch facilities located throughout Washington, Gray Summit and Villa Ridge, the Bank of Washington also provides online banking, mobile banking and 14 ATMs throughout Washington, Marthasville, New Haven, Villa Ridge and Gray Summit.