Savings Bank of Danbury: Back to School – Exposing Kids to Financial Education


TERESA: IT’S NOT ONLY IMPORTANT FOR ADULTS TO BUDGET, BUT CHILDREN OF ALL AGES SHOULD KNOW THE VALUE OF A DOLLAR. SCOTT: JOINING US NOW IS, CARDOZA WITH SOME TIPS. THIS IS AN IMPORTANT AND OVERLOOKED SUBJECT, TEACHING KIDS AT A YOUNG AGE ABOUT MONEY MANAGEMENT. DEFINITELY YOU SHOULD START AS EARLY AS POSSIBLE. YOU CAN GIVE YOUR CHILDREN MONEY AS A REWARD FOR COMPLETING CHORES OR TASKS. IT WILL TEACH THEM THEY NEED TO EARN MONEY AS OPPOSED TO EXPECTING IT TO BE HANDED TO THEM. TERESA: OR LET THEM SAVE A LITTLE BIT FOR SOMETHING THEY MIGHT WANT. THAT’S A GOOD IDEA. YOU CAN GO DOWN TO THE BANK AND OPEN A SAVINGS ACCOUNT AND YOU CAN SHOW THEM HOW WHEN THEY ARE GIFTED MONEY OR WHEN THEY DO RECEIVE MONEY FOR COMPLETING A CHORE, YOU CAN SHOW THEM HOW MUCH THEY SHOULD SET ASIDE. TERESA: THAT’S THE LESSON THAT I’M LEARNING. SCOTT: MONEY DOESN’T GROW ON TREES, SO HOW DO I OPEN A SAVINGS ACCOUNT QUESTION MARK JUST GO TO YOUR LOCAL BANK AND THE PEOPLE THERE WILL BE MORE THAN HAPPY TO SIT DOWN WITH THEM AND SHOW THEM HOW TO SAVE MONEY. TERESA: HOW ABOUT AN ALLOWANCE? THAT IS GREAT. GIVE THEM A WEEKLY ALLOWANCE. SHOW THEM — SCOTT: I HAD AN ALLOWANCE AND I DIRECTLY WENT TO THE STORE AND SPENT IT ON CANDY. INSTEAD OF THAT, YOU CAN HAVE THEM TAKE IT TO THE BANK AND PUT SOME IN THE CHECKING AND SOME IN THE SAVING AND SEE HOW IT GOES. NEXT REMEMBER GETTING SAVINGS BONDS AS KIDS? THEY DON’T EXIST ANYMORE, DO THEY? THEY DO ONLINE. — ONLINE. SCOTT: THEY CAN ADD TO IT AS OPPOSED TO TALKING AWAY. TERESA: KEEPING TRACK OF IT — WE DID NOT HAVE THAT OPTION WHEN WE WERE KIDS. THEY CAN SHOW THEM WHAT HAPPENS TO THEIR MONEY BEFORE AND AFTER. A LITTLE INTEREST ALONG THE WAY. SCOTT: OPEN A CHECKING ACCOUNT. NOBODY TAUGHT ME THAT, SO THAT WOULD BE VALUABLE. HOW TO WRITE A CHECK AND

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