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Do You Have a Child That Needs Interest?

Do You Have a Child That Needs Interest?

Tuesday, June 4, 2024/Categories: Home Page Story

It might be summer break for the kids in your life, but don’t miss this opportunity to share your knowledge – or at least your ability to amass a wealth of information to instill into the developing minds of those little pre-adults. If you share your interest in financial education, you may find that some of that inspiration could have a long-term impact.

For this to work, be sure your guidance doesn’t seem like school. As kids watch their parents, neighbors, friends and even the young person serving them ice cream, they absorb what they see and hear, but only at their pace and when they want to. They are making correlations and connections when they go to the store with you, order ice cream, stop at the bank with you while you use the ATM and when you offer to let them choose a new toy from an app on your phone.

When you go to the store with your children, talk with them about your budget and why you are buying hamburgers versus steaks, and eventually you might work up to teaching them to save their coins to purchase a treat that they would like from the store. You might even introduce the idea of raking leaves for a neighbor for a few dollars as they get older and more responsible. This can then progress to putting those earnings into a savings account – opening the door to teaching about deposits, withdrawals and interest!

Other helpful tools to make financial learning fun are books, games (both computer and board games), videos and outdoor activities. If you’re making smores by the campfire, give them a few coins and ask them to ‘purchase’ the needed items from you using the coins…marshmallow is 5 cents, graham crackers are 10 cents each and the chocolate bar is a quarter. A fun activity can easily turn into a teaching moment with just a little preplanning.

If you’re just not sure where to start, there are resources out there. For example, the FDIC has an entire section on their website devoted to money and teaching. The U.S. Mint also has a very user-friendly financial education page offering everything from games to videos to grade-based instructional resources. Additionally, the Consumer Financial Protection Bureau provides a wide range of content via educational tools that target young children up to young adults.

Ultimately, your Heartland banker can even offer financial support and guidance as you organize your resources and gather information. Stop in at any one of our 20 locations to speak with a financial professional today!