NBSB Encourages Parents to Teach Kids About Finance
It’s never too early to start healthy financial habits for their future.
At North Brookfield Savings Bank, we believe that no matter what age your children are, it is never a better time than right now to start teaching your kids important financial lessons that they will use for the rest of their lives.
“It’s never too early to begin teaching children the basics of finance,” said Patricia Ostrout, Senior Vice President of Retail Banking. “We know parents are busy so we encourage them to incorporate financial lessons into everyday life experiences. For example, when they visit the Bank, work on their budget, balance their checkbook and pay bills. We always welcome children to visit any of our North Brookfield Savings Bank branches and be a part of their very own account opening. It helps them to better understand the process and how and why they are saving. Plus, they will get a lollipop!”
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. Any of the North Brookfield Savings Bank managers can 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 and using coupons. After the shopping trip, let them watch while you update your checkbook to include the transaction.
- 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.
North Brookfield Savings Bank proudly participates in local community reading days, school parents’ nights and teaches financial literacy classes at middle and high schools.