By Donna Smith, Vice President, North Dirksen Parkway Branch Manager, NMLS #662912
Money Smart Week® is a public awareness campaign designed to help consumers better manage their personal finances. Teach Children to Save Day® occurs the same week. Both events are coordinated by hundreds of organizations across the country. INB is taking part by providing financial literacy programs in several area schools.
While we can’t be at every school in our banking area, we do want to help you raise money-smart kids. Here are some tips on teaching financial responsibility.
- 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. Share this roadmap to financial responsibility with your kids.
- 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. See this list of eight ways to talk openly with your kids about saving money
- 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 show them how 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’ll be more likely to give cash for special occasions, which means more trips to the bank.
INB share’s your commitment to creating a money-savvy generation as well as helping those of us who maybe didn’t get off on the right savings foot. Visit INB’s Personal Wealth Lounge today for videos and printable tools to help with budgeting, tips for saving money, credit reports and more.
On the INB Blog, our bankers provide tips on how to better manage your money. These tips on sticking to a budget will help ensure a healthier, happier financial future for anyone who has trouble staying on track. He also explains why everyone, no matter how much they earn, needs a budget. And whether you’re saving for your kids’ college expenses or for retirement, Dee Jason has some good advice.
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