NORMAN — Republic Bank & Trust is partnering with their Norman Public Schools Partners In Education at both Kennedy and Truman Elementary schools to celebrate Teach Children to Save Week. Bankers were in the schools' third grade classrooms with savings education Thursday.
More than 100 local children will discover the difference between needs and wants, how to identify ways to save, and how to budget their money into categories of spending, giving, and savings.
Established by the American Bankers Association in 1997, the Teach Children to Save program has reached more than 5.6 million young people.
“This program gives us the opportunity to visit with bright and amazing children about the power of saving and good money management. By presenting it to them early in life, and in a fun and exciting way, we are hopeful that it motivates them to start their lifelong healthy savings habits now,” said Mariann Lawson, Republic's Community Relations SVP.
Republic Bank & Trust offers the following tips for money-savvy parents raising money-smart kids:
— Talk about money. Teach them the importance of being responsible with money, paying bills on time, and the power behind making thoughtful decisions with their money.
— Make saving fun. Help your child to dream for the things he or she can save for. Be sure to guide them in making their savings goal realistic and achievable. Make a savings chart that helps them see their progress.
— Use envelopes or containers to help your child know the difference between spending, savings, and giving. Give them an envelope for each, and help them separate the money they receive into the different categories.
— Explain the difference between needs and wants, the value of saving and budgeting, and the consequences of not doing so.
— Open a savings account for your children so they can learn how to be hands-on in their money management. Take them with you to the bank to make their deposits. Go inside the bank lobby; introduce them to the bankers there so they know who is helping them care for their money.
Let friends and family know about your child's savings goal. They'll be more likely to give cash for special occasions, which means more opportunities for your child to watch their money grow and see their savings goal realized.
Republic also offers parents many great money management tools, including mobile banking, mobile e-Deposit, Republic Online Bill Pay, My Finance home finance and savings tool, e-Documents including e-Statements, and more.
“We believe that the road to financial health starts at home. It's our goal to provide our customers and our community with the tools and financial health guidance needed to help them keep their financial lives safe and secure,” said Lawson.