Bank helps children save for a rainy day
HOULTON, Maine — Katahdin Trust is partnering with schools in Northern and Central Maine to celebrate Teach Children to Save Day on Friday, April 20, with savings education throughout the month of April.
Many local students will explore lessons on the difference between needs and wants, and learn how to identify expenses, trade-offs and ways to cut spending.
“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” said Krista Putnam, vice president of marketing for Katahdin Trust. “Teach Children to Save is a great opportunity for us to share our passion for financial education and improve our local community.”
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the foundation’s other financial education initiatives have helped reached 9.1 million young people through the commitment of more than 225,000 banker volunteers.
Last year, Katahdin Trust employees volunteered more than 7,500 hours of their time to programs like Teach Children to Save Day, Get Smart About Credit Day and tother local organizations.
“As we reflect on the past one hundred years, we are forever grateful to our many employees who have remained dedicated to their communities by giving selflessly of their time, talent and treasures,” said Putnam.
The bank 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 will be more likely to give cash for special occasions, which means more trips to the bank.
Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too.
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.