At FSB, we believe that financial literacy is a lifelong journey, and it’s never too early to start learning! That’s why we’re excited to celebrate Teach Children to Save Day on Thursday, April 24. This special day is a fantastic opportunity to talk to the young people in your life about the importance of saving and building healthy financial habits.

Saving might seem like a grown-up thing, but it’s a super skill that can help kids achieve their dreams, big or small! Whether it’s saving up for that new video game, a special toy, or even contributing towards a future goal like a bike or college, understanding how to save is the first step towards financial independence.

Why is Saving So Important?

• Reaching Goals: Saving allows kids to work towards something they really want. The feeling of finally having enough money to buy that special item they’ve been eyeing is incredibly rewarding!
• Learning About Value: When kids save their own money, they learn the value of hard work and the effort it takes to earn. This can lead to a greater appreciation for the things they have.
• Building Good Habits: Starting to save early creates a foundation for responsible financial behavior later in life. These habits can stick with them as they grow into teens and adults.
• Emergency Preparedness (in a kid-friendly way): Even for kids, unexpected things can happen! Having a little bit of savings can help them feel more secure and prepared for those little surprises.

How FSB Can Help Young Savers:

We’re committed to supporting the financial education of our young community members. We offer accounts designed specifically to help kids and teens learn about managing their money:

For the Younger Savers: Children’s Savings Account

Our Smart Start Savings Account is a great way for kids to start their savings journey. This type of account helps kids visualize their savings grow and learn the power of compound interest in a simple way. Imagine their excitement seeing their balance increase over time!

For the Teen on the Go: Teen Checking Account

As kids get older and start to manage more of their own money, a Kickstart Checking Account can be a valuable tool.

• Debit Cards: Allowing teens to make purchases responsibly (with parental control and monitoring).
• Online and Mobile Banking Access: Providing convenient ways to check balances and track spending (under parental supervision).
• Building Financial Responsibility: A teen checking account empowers young adults to manage their own funds while still having the guidance of a parent or guardian

This step towards independence helps teens learn crucial money management skills they’ll need as they transition into adulthood.

Let’s Celebrate Saving Together!

On Teach Children to Save Day, we encourage families to have conversations about money and the importance of saving. Here are a few ideas to get started:

• Talk about goals: Help your child identify something they want to save for and create a visual goal chart.
• Open a savings account: Visit your local FSB branch to learn more about our options, or open an account online from the comfort of home.
• Match their savings: Consider matching a portion of their savings to provide extra encouragement.
• Discuss needs vs. wants: Help them understand the difference and make informed spending decisions.

At FSB, we’re proud to be a partner in your children’s financial education. Stop by one of our branches in Cedar Falls to learn more about our children’s savings and teen checking accounts and how we can help the young people in your life plant the seeds for a financially secure future.

Let’s make every day a day to teach children to save!