F&M Bank Joins 'Teach Children to Save' Campaign
Timberville, VA – F&M Bank is partnering with 14 local elementary schools in Shenandoah, Page, Rockingham and Augusta Counties to celebrate Teach Children to Save Day with savings education lessons throughout the months of April and May. More than 1,300 local students will enhance their understanding of making smart spending decisions. Students also will learn the value of saving money and are encouraged to set up a saving strategy.
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the Foundation’s other financial education initiatives have helped reached 8.9 million young people through the commitment of more than 225,000 banker volunteers.
“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” said Dean Wither, President. “Teach Children to Save is a great opportunity for us to share our passion for financial education and improve our local community.”
In addition to the Teach Children to Save program, F&M Bank offers free financial education year-round for students as well as adults. With these programs, thousands of local students and adults have developed a better understanding of money, saving, and managing credit through fun and memorable experiences.
F&M Bank offers the following tips for money-savvy parents raising money-smart kids:
The ABA Foundation provides financial education initiatives and resources that help bankers make their communities better. The association’s signature initiatives, Teach Children to Save, Get Smart About Credit and Safe Banking for Seniors bring bankers and students of all ages together to enhance financial education.
About F&M Bank
F&M Bank is a locally owned community bank serving the Shenandoah Valley with 13 full-service branches, a network of ATMs, and a wide variety of financial services. Both individuals and businesses find the organization's local decision-making, and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to over $750 million in assets with over 160 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.
- 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. Share this Roadmap to Financial Responsibility with your kids.
- 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. See this list of eight ways to talk openly with your kids about saving money.
- Explain the difference between needs and wants, 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.
- Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
- Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.