RBC I The summer months mean many kids in America are working for some extra cash in their pocket. Whether he or she is doing odd jobs around the house or working at the local pool, it’s the perfect time to teach your child financial lessons that will last a lifetime.
“It’s never too early to begin teaching children the basics of finance,” said Pete Waller, First National Bank of the Rockies chairman, president and CEO. “We encourage parents to expose their children to experiences like visiting the bank, budgeting, saving and paying bills.”
Specifically, FNBR participates in the “Teach Children to Save” and “Get Smart About Credit Programs” by visiting all ages within the schools to encourage good financial habits at an early age.
FNBR offers examples of teachable moments to help you get started:
• At the bank. When you go to the bank, bring your children with you and show them how transactions work. Get the manager to explain how the bank operates, how money generates interest and how an ATM works.
• On pay day. Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement.
• At the grocery store. Explain the benefits of comparison shopping, coupons and store brands.
• Paying bills. Explain the many ways that bills can be paid: over the phone, by check or online. Discuss how each method of bill paying takes money out of your account. Be sure to discuss late penalties, emphasizing the importance of paying bills on time.
• Using credit cards. Explain that credit cards are a loan and need to be repaid. Share how each month a credit card statement comes in the mail with a bill. Go over the features of different types of cards, such as ATM, debit and credit cards.
About First National Bank of the Rockies
First National Bank of the Rockies was originally established in 1904 as The First National Bank of Meeker. Today, the bank serves customers throughout western Colorado with locations in Craig, Grand Junction, Hayden, Meeker, Oak Creek, Rangely and Steamboat Springs. FNBR is a bank founded in the belief that it is the financial bedrock of the communities it serves and has a fundamental obligation to maintain financial stability, promote financial literacy, and invest in ways that makes the community a better place to live. Combining strong local ownership with traditional Western values and leading edge technology, First National Bank of the Rockies is well into its second century of service with an unwavering commitment to being “Your Bank.” For more information about FNBR, visit www.fnbrockies.com.