Baylake Bank eNews. Member FDIC
Time to Celebrate Saving:
Time for National Teach Children to Save Day

Family learning about savingAt Baylake Bank, we work hard to provide financial education in our communities all year long. In addition, next month has a special focus as we celebrate National Teach Children to Save Day (NTCTSD) on April 23, 2013.

Here are a few tips to help your children develop effective money management skills:

Demonstrate the importance of saving. Help kids make their savings visible and real by having them build savings in a piggy bank or clear jar. Children learn by example and by doing; sharing how and why your family is saving emphasizes the importance of this positive, lifelong habit.

Help them open their own bank savings account and make regular deposits. Baylake Bank Cowabunga Kids Club members receive a newsletter and other benefits to help encourage and develop good savings habits.

Talk to your child about the family budget. Reinforce the learning process by budgeting for a family outing or purchase. Hold family meetings to talk about your family's expenses and ways to save. Involving your child gives them practical experience and allows them to be an active participant in the buying and saving process.

Tell your children how Automated Teller Machines (ATMs) and debit cards work. While many children know that money doesn't grow on trees, they may think it comes magically from a plastic card. Help your kids understand that you must put money in the bank before you can take it out.

Give your kids positive feedback. As their allowance increases, give them responsibility for how they spend their money, and encourage them to save.

Encourage your children to "STASH": Start Today And Save Huge!

Contact your Baylake Bank Personal Banker for more ideas, or click here for a handy "Family Savings Goal Worksheet" from the American Bankers Association.

 

 

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Baylake Bank | 217 N. 4th Avenue | Sturgeon Bay, WI 54235 | 1-800-267-3610