Arvest Bank in Joplin joined the American Bankers Association’s annual “Teach Children to Save Day” on April 24.

Due to the current uncertainty, where distance learning from home 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 came up with a digital alternative to our usual in-classroom presentations, where age-appropriate savings education lessons can be brought to students by means of pre-recorded video presentations. Arvest provided nearly 150 local elementary and middle school administration and teachers three different presentations, covering items such as the difference between wants and needs, learning how to identify expenses, and ways to save for a “sunny day.”

The digital financial literacy presentations were produced by Arvest associates in our Joplin region to share a fun and educational money management curriculum with students, and to show support of our schools, our teachers and the parents working tirelessly to educate and ensure the safety of our children. Arvest was proud to bring this new format to our communities, and happy to report it reached a record number of students by doing so.

Arvest issued 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 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.