(Joplin, MO) – The American Bankers Association Foundation is celebrating the twenty-fourth anniversary of “Teach Children to Save Day,” and Arvest Bank will join the fun by presenting virtually in local classrooms throughout the months of April and May. Arvest associates will deliver age-appropriate savings education lessons, covering items such as the difference between wants and needs, learning how to identify expenses, and ways to cut spending.
Arvest Bank offers the following tips for raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver.
- Talk openly about money with your kids. Communicate your values and experiences with money.
- Explain the difference between wants and needs, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.
- Explain that credit cards are a loan and must be repaid. Share how each month a credit card statement comes in the mail with a bill.
- Assign chores, give them a monetary value. Discuss ways to budget and allocate allowances. Encourage children to set a financial goal, such as saving for a bike, and figure out how to achieve it.
- Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
Arvest Bank operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team. These banks serve customers in more than 135 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app – Arvest Go – certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC.
About Arvest Wealth Management:
Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not a Deposit, Not Guaranteed by the Bank or its Affiliates, Not FDIC Insured, Not Insured by Any Federal Government Agency, May Go Down in Value. Trust services provided by Arvest Bank.
Lacie Waggoner, Marketing Manager