Ridgewood Savings Bank employees brought investment and savings tips to junior high students at four Western Queens schools - teaching them the importance of saving money for the future.
As part of National Teach Children to Save Day, which began in 1997, Ridgewood Savings Bank sent 20 employees to schools in Queens, Long Island, and Brooklyn to help provide financial education to young students.
“In this day and age it is very important that these children who are going to be our future realize that they need to start saving at an early date,” said Ridgewood Savings Assistant Vice President LouAnn Manning, who helped coordinate the day.
The presentation included lessons about the concept of saving, how interest makes money grow, how to budget, and how to distinguish between needs and wants.
“We want kids to learn the skills they need to make smart financial decisions as adults,” said Ridgewood Savings Bank Chairman William C. McGarry. “Our people are in the schools today to help develop those skills and prepare these kids for future financial success.”
Manning, who also taught one of the lessons, said that all of the Ridgewood employees who taught in schools came back saying they had a positive experience and that the kids were very receptive. She said that many of the students already realized the importance of saving money, but others were surprised by how much they could benefit in the future by making the right investments now.
Although this effort was part of National Teach Children to Save Day, Manning said that the bank has discussed going back to a number of schools that were interested in participating but could not because of scheduling conflicts.
In addition, Ridgewood Savings Bank plans on continuing to participate in the program next year, and have more representatives go into more schools throughout the area. They also provided a number of tips to help students in their saving efforts.
SAVING TIPS
Help kids open up their own bank savings account and make deposits regularly. Many banks offer kids accounts that have no fee and minimum-balance requirements.
Kids love to get mail, so encourage them to keep an eye out for their monthly statement.
Kids love to surf the net too! Most banks have online calculators that kids (and grown-ups) can use to plan their savings.
Talk to your child about the family budget. Include a discussion on needs and wants. Reinforce this by budgeting for a family outing or purchase.
Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.
