3 Ultimate “Whys” To Open your Child’s Savings Account before Summertime!
Financial Tip Friday is brought to you in partnership with The 1st National Bank of Dennison.
Summertime will quickly approach meaning fairs, farmers’ markets, pools, ice cream, and lots of extra snacks. Creating a plan with your child for their summer spending is an incredible tool to help their financial literacy by gaining an understanding of spending and saving.
- Visual Budgeting
- When children are able to see how much money is in their account or on their debit card- a quick calculator equation can be completed. Thanks to visual apps or even a phone call to check how much money is in the account, immediate knowledge can be gained thus helping kids make better spending decisions.
- When children are able to see how much money is in their account or on their debit card- a quick calculator equation can be completed. Thanks to visual apps or even a phone call to check how much money is in the account, immediate knowledge can be gained thus helping kids make better spending decisions.
2. IDs Wants vs Needs
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- This can redefine children’s wants and needs and thus help them become financially wise. There may be difficult lessons such as if they run out of money for an activity but with time they will learn. Common economic lessons will happen in real-time.
- This can redefine children’s wants and needs and thus help them become financially wise. There may be difficult lessons such as if they run out of money for an activity but with time they will learn. Common economic lessons will happen in real-time.
3. Increase Math Cognition
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- The realization that money is a math skill can encourage the continued desire to learn new math concepts at school as children see the real life important benefits to learning and practicing math skills learned in the classroom. Basic math functions of budgeting, investing for older children and simple decision making are important.
“I incentivize my children with their savings, for each doller they earn, if they save .10 (10%) I will match their 10%.”
-Stark County Parent, AJZ
At The First National Bank of Dennison, there are Kids Savings Account Clubs helping students build their savings habits early.
- H.A.M.M.Y (Happy About Managing Money Youth)( Ages Birth to 12) Club
- F.I.T (Financially Independent Teen)(Ages 13-17) Club
For help with savings, spending, and investing, speak to a local banker
to help set up a solid foundation!
Mrs TAZ
Reporting
It would be wonderful if all high schools would teach the options for handling money and opportunities and paths offered by banking. Here’s a crash course list of what one may find at The 1st National Bank of Dennison.
Let’s begin with the 1874 Origin Story.
Plan for retirement and know –IRA Options.
Grasp the ability to afford a plentiful Christmas with Christmas Club.
