NBSB Helps Parents Teach Kids About Financial Health
NBSB would like to discuss the importance of teaching children to save as well as having a full set of financial literacy skills. With this knowledge taught at a young age, by the time your child is getting ready to start working and receiving a paycheck, these smart money habits will be second nature, Now is the perfect time to teach your child financial lessons that will last a lifetime.
North Brookfield Savings Bank offers examples of teachable moments to help you get started:
- At the bank. When you go to the bank, bring your children with you and show them how transactions work. Get the manager to explain how the bank operates, how money generates interest and how an ATM works.
- On payday. Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement.
- At the grocery store. Explain the benefits of comparison shopping, coupons and store brands.
- Paying bills. Explain the many ways that bills can be paid: over the phone, paper or by check, electronic check or online check draft. Discuss how each method of bill pay takes money out of your account. Be sure to cover late penalties, emphasizing the importance of paying bills on time.
- Using credit cards. Explain that credit cards are a loan and need to be repaid. Share how each month a credit card statement comes in the mail with a bill. Go over the features of different types of cards, such as ATM, debit and credit cards.
- Put it to the test: Now that your child has some back knowledge of how banking works and how it applies to everyday life, it could be time to let them give it a try. North Brookfield Savings Bank offers many incredible products tailored specifically for students.
There are many options for students when it comes to having their own bank account. See our Student Banking Products Page to get your child started off right on their journey to financial wellness.
Click here for our Student Banking Options.
Pairing these learning opportunities with the great products at North Brookfield Savings Bank can help prepare your children for a stable and reliable financial future.
