Each year Arvest Bank joins the American Bankers Association (ABA) to bring smart savings habits to students in grades K-8 through the Teach Children to Save program.
This year’s event was held on April 24, and due to the fact distance learning is the new norm, Arvest was inspired to use digital means to bring personal finance into its communities while supporting parents who are suddenly classroom teachers and educators.
Arvest associates in the Fort Smith region came up with a digital alternative to the usual in-classroom Teach Children to Save presentations, where age-appropriate savings education lessons were delivered to students by means of pre-recorded video presentations. Arvest provided over 100 local elementary and middle school administration and teachers three different presentations, in English and Spanish, covering a variety of topics.
The digital financial literacy presentations were produced by Arvest associates in the Fort Smith region to share a fun and educational money management curriculum with students, and to further show support of our schools, our teachers and the parents working tirelessly to educate and ensure the safety of our children.
Arvest Bank was proud to bring this new format to its communities throughout Fort Smith, the River Valley and eastern Oklahoma, and thrilled to reach the most local students in our history by offering digital presentations.
Arvest Bank has the following tips to help parents teach money at home:
- 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.
- 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.
- The three jars method – one one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
- 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.
- Set up a chore chart and require them to save at least a small portion each week. Encourage children to set a financial goal, such as saving for a bike, and help them to achieve it