Letter from Dallas Haun:
As we get busy preparing for the holidays and making up our gift lists, I’d like to take this opportunity to point out that teaching children about money can be one of the most important gifts an adult can give a child. Financial education can provide children with an understanding of the value of a dollar and, as they grow, a better understanding of economics and the role money plays in our lives.
It’s important that children learn about money as early as possible, which is why I encourage Nevada State Bank colleagues to volunteer in schools across the state, teaching lessons from Junior Achievement®, Get Smart About Credit and Teach Children to Save® (both programs of the American Bankers Association®), as well as our own “Banking on Your Future” program.
If you’d like to start teaching your children or grandchildren about money and finances, here are a few ideas to help you get started:
Help children open a bank account. Having their own money, saving for something they want, and keeping track of the funds in their bank account is an important first lesson.
Encourage them to save money for future goals. Explain the importance of setting money aside for short-term and long-term goals. Suggest that your child put at least 10 percent of any gifts, allowance or earnings into savings.
Consider giving an allowance. There are many different options for allowances, but the best systems encourage youngsters to decide in advance how much they should put into savings, how much they can spend, and how much should be set aside to share with others.
Set a good example with your own money management. For instance, keep track of your debit card, ATM and other account transactions, and discuss with your child how doing so will help you track your balance and help avoid overdraft fees.
These and other helpful hints provided by the Federal Deposit Insurance Corporation (FDIC) can be found on Nevada State Bank’s Two Cents blog. Click here to read the entire article. The Two Cents blog is a great place to find resources for your family’s financial education, with categories ranging from Saving Money to Fraud Prevention. It can be found at https://blog.nsbank.com/.
I hope you’ll take a few minutes out of your busy holiday schedule to discuss finances with your children, so they can begin the New Year with a firm foundation for a successful and financially stable adult life.
Best wishes for a happy and healthy holiday season from Nevada State Bank.
President & CEO
Nevada State Bank
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