Katahdin Trust Helps Teach Children Healthy Savings Habits

Throughout April and May, bankers from Katahdin Trust will start children throughout northern and central Maine on the path to a positive financial future by participating in the annual Teach Children to Save Day, a nationwide event to teach children their financial ABC’s.

“Education and hands-on money experience are critical to ensuring a new wave of smart money managers,” said Krista Putnam, Vice President of Marketing for Katahdin Trust, who oversees the bank’s efforts in the program.  “We want parents to know that saving is important and everyone can do it, even kids.

30 Katahdin Trust employees are participating in conjunction with area teachers in helping children understand basic financial principles and the importance of a savings program, not just for today but for their futures. The Katahdin Trust employees will be reaching out to over 600 students across northern and central Maine.

Katahdin Trust offers the following tips for money-savvy parents raising money-smart kids:

1. Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver.  Children tend to emulate their parents’ personal finance habits.
2. Talk openly about money with your kids.  Communicate your values and experiences with money.  Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
3. Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
4. Open a savings account at your local bank for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.

Give your kids positive feedback.  As they get older, give them responsibility over how they spend their money.

Learn more at the Teach Children to Save website: www.teachchildrentosave.com.

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