Volume 2 Number 18
May 2, 2005
GALLAGHER OFFERS PARENTS CREATIVE TOOL FOR ENCOURAGING CHILDREN TO SAVE
Early financial education is the key to teaching young people about how money works and how to use it wisely. As part of National Teach Children to Save Day, CFO Tom Gallagher is encouraging parents to talk with their children about the importance of saving and offered free piggy bank wrappers to help children develop healthy savings habits.
“Children catch on quickly to the idea of saving. They save everything from stickers to coupons at the grocery store to giveaways at restaurants. Our hope is that these catchy wrappers will encourage children to start saving their pennies, nickels, dimes and quarters too,” said Gallagher, who oversees the Department of Financial Services. “Good habits start early and healthy money skills last a lifetime.”
With the wrappers, parents can make a bank out of an empty 2-liter soda bottle. The wrappers can be downloaded from the department’s website at www.MyFloridaCFO.com. Parents are encouraged to ask their child to write his or her name on the wrapper, a savings goal and the amount that must be saved to attain that goal.
Gallagher said he also hopes that educators will use the free wrappers as a tool to teach their students about saving and planning.
Last fall, Gallagher launched a comprehensive public education campaign – Your Money, Your Life – to promote financial literacy among Floridians of all ages and economic levels. Some suggestions for teaching kids about the value of money include:
Teach your child the importance of saving. To make their savings visible and real, build savings in a piggy bank or open up their own savings account. If your financial institution doesn’t offer special children’s accounts with no fees and no minimum balances, ask if arrangements can be made.
Make saving fun. Some banks have kids clubs where members get newsletters or receive balloons when they make deposits. If your financial institution doesn’t offer this, use another positive reward.
Kids love to get mail, so keep an eye out for their monthly statement. This will help them see the gradual effect of interest on their balance.
For more information, log on to www.yourmoneyyourlife.org.
Lake County, the 43rd county, was established May 27, 1887, being taken from Orange and Sumter counties and named for the large number of lakes within its boundaries. The courthouse, above, was built in 1924.