Military Youth Saves - Parents
Our Military Youth Eagle has a name... "Skyler, Soaring with Savings".
Parents, your kids and teens learn their savings behaviors from you. Participate in Military Youth Saves and help your kids secure their own futures.
Learn saving strategies courtesy of Kidnexions.
The best way to teach kids financial literacy is in the context of their everyday lives. Here's this month's teachable moment:
If your kids do not have their own savings account at a bank or credit union, today's the day. Grab their piggy banks and start the car. Call your bank first, though, to make sure you bring the necessary items (SSN...).
Then, when you get back home, help your child create a file folder where they will keep their important bank statements. This makes them feel so grown-up. And even though we are moving towards doing everything online, in the beginning, it's important that kids have a hard copy of their statement. It's more real that way. Besides, they love getting stuff in the mail and it's a perfect opportunity to sneak in some teachable moments as they rip open the letter looking to see what their balance is.
If your child already has a savings account, beautiful! You're going to pull out their last statement and go over everything on it. They need to know how to "read" a statement. This is a great opportunity to introduce new and review old vocabulary:
- Balance: the amount of money in an account at that particular moment
- Deposit: the act of adding money to an individual's account
- Withdrawal: the act of taking money out of an individual's account
- Credit (as reflected on a bank statement): money deposited to an account
- Debit (as reflected on a bank statement): money withdrawn from an account
- Interest/dividends (banks pay interest, credit unions pay dividends): the money earned on investments
- Written by Super User
- Category: Uncategorised
- Published: 26 November 2010