BankWest partnered with Stanley County Elementary School to celebrate Teach Children to Save Day (TCTS), an initiative established in 1997 by the American Bankers Association Foundation. BankWest’s Jessica Stanek visited Mrs. Connot and Mr. Dowling’s 3rd grade classes. They discussed the three-j ar method of setting aside money for spending, saving and giving and discussed setting both long- and short-term savings goals. “Jessica did a wonderful job presenting real-life financial concepts in a way the kids could understand and relate to,” said Mrs. Connot. “This experience helps reinforce the importance of making thoughtful money choices.” According to the American Bankers Association Foundation, nearly three-quarters of adults say they would be better off financially if they had learned personal finance basics earlier in life. Programs like Teach Children to Save aim to build strong financial habits at a young age by helping students understand the value of saving, goal-setting and making informed financial decisions. BankWest offers the following tips for money-savvy parents raising money-smart kids: 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. 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. Click here for a list of titles for all ages. “Introducing financial education fundamentals at a young age helps set students up for long-term success,” said Jason Smith, Regional Branch Manager at BankWest. “Teach Children to Save allows us to share our passion for financial literacy while investing in the future of our community—one student at a time.” ...read more read less