“It’s never too early to begin teaching children the basics of finance,” said Paula Aurand, marketing director. “We encourage parents to expose their children to experiences like visiting the bank, budgeting and paying bills.”
The Killbuck Savings Bank offers examples of teachable moments to help parents get started. When parents go to the bank, they can bring their children and show them how transactions work. They can get the manager to explain how the bank operates, how money generates interest and how an ATM works.
On payday parents can discuss how 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 parents can explain the benefits of comparison shopping, coupons and store brands.
While paying bills, they can explain the many ways bills can be paid: over the phone, paper or check, electronic check, or online check draft. They can discuss how each method of bill pay takes money out of one’s account and cover late penalties, emphasizing the importance of paying bills on time.
They also can explain that credit cards are a loan and need to be repaid, sharing how each month a credit card statement comes in the mail with a bill and going over the features of different types of cards such as ATM, debit and credit cards.
Published: March 17, 2017