Time for National Teach Children to Save Day
At 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
• 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
• 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
Contact your Baylake Bank Personal Banker for more ideas, or
here for a handy "Family Savings Goal Worksheet" from the
American Bankers Association.