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'Teachers'

Staffers at Putnam Bank had some fun teaching children to save. Courtesy photo.

 

 

Teaching

kids to save

PUTNAM — Putnam Bank celebrated Teach Children to Save Day recently at all eight branches by providing educational materials and refreshments. Through the end of April Putnam Bank will provide a $5 opening deposit into a Student Saver Account for children ages 5 through 12.   

Established by the American Bankers Association in 1997, Teach Children to Save has reached more than 6 million young people through the commitment of 134,200 banker volunteers. 

“Being financially literate is one of the most important skills a young person can develop,” said Tom Borner, president and CEO. “Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers.”  

Putnam Bank offers the following tips for money-savvy parents raising money-smart kids: 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; 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; 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 take them with you 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.