Are You Money Smart?
Filed under "Financial Education"
Money Smart Week (MSW) is a financial education initiative designed to offer resources that can help you better manage your personal finances. This is an annual public awareness campaign held during the month of April. This effort stresses the importance of financial literacy, especially for children. Teach Children to Save Day is part of MSW and focuses on helping young customers to develop a savings habit early in life.
Leighton State Bank’s goal is equipping our customers to grow financially strong, so we offer accounts specifically designed to grow with our younger customers:
- Begin the journey with our Kids Club Savings for ages 5-12. Receive a free opening gift, no minimum balance requirement, reward yourself by making deposits, and earn eligibility for a 12 month CD with a special interest rate.
- Upon reaching age 13, transition to the Teen Savings Account. Receive a roll-over/new account gift, continue to earn rewards for making deposits, and maintain eligibility for a 12 month CD with a special interest rate.
- Finally, reach the Grad Savings Account when you turn 17. No service fees, collect a gift, and continue eligibility for a 12 month CD with a special interest rate. Plus open a Grad Checking Account and learn to use a debit card, internet banking and other services.
You, as parents, can also teach your children about money. The American Bankers Associations offers the following tips for teaching children about finances:
- Talk about money with your kids. Communicate your values and experiences with money.
- Explain the difference between needs and wants. It’s also good for children to know the importance of saving and budgeting.
- Set up a chore chart and consider giving your kids an allowance for completing their tasks. The three jars method – one for spending, one for saving, and one for charitable contributions – is a good way to impart financial responsibility.
- Open an account for your children, and take them with you to make deposits so they can learn to be hands-on in their money management.
Visit Federal Reserve Education for other great financial resources:
- Games and simulations are available for children of all ages.
- Learn about financial tips.
- Try this game for K-6 students.
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