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Grundy Bank encourages parents to teach kids about finances – Shaw Local
Grundy Bank said many children are working to earn extra money during the summer months, making summer a good time to teach children financial lessons that will last a lifetime.
“It’s never too early to start teaching kids the basics of finance,” said Kevin Olson, president and CEO of Grundy Bank. “We encourage parents to expose their children to experiences like visiting the bank, budgeting and paying bills.”
Grundy Bank said in a press release Tuesday that it is a proud supporter of financial education at local high schools, summer camps and social organizations, and offers examples of teachable moments that can help parents get started.
At the bank: When you go to the bank, take your children and show them how transactions work. Ask the manager to explain how the bank operates, how money earns interest, and how an ATM works.
On payday: Discuss how pay is budgeted to pay for housing, food, and clothing, and how a portion is saved for future expenses like college tuition and retirement.
· At the supermarket: Explain the benefits of price comparison, coupons, and store brands.
Bill Pay: Explain the many ways bills can be paid, such as by phone, paper or check, electronic check, or online check. Discuss how each bill payment method takes money out of the account. Be sure to cover late fees, emphasizing the importance of paying bills on time.
Using credit cards: Explain that credit cards are a loan and need to be paid back. Share how every month a credit card statement arrives in the mail with a bill. Review the features of different types of cards, such as ATM, debit, and credit.