- Category: Widget
- Published: Monday, 09 November 2015 15:27
- Written by Isaac
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6 Ways to Teach Kids About Finance During the Holidays
Staten Island commercial bank views busy season as a good time
to display responsible money habits
Black Friday. Small Business Sarturday. Cyber Monday. It’s difficult, if not impossible, to ignore that shopping is a component of the holiday season. And many children can’t help but notice that their parents may be spending more than usual.
Victory State Bank, Staten Island’s only community-based business bank, sees the biggest retail season of the year as an opportunity for parents to teach their children about the importance of handling money wisely.
To get parents started, the bank points to these useful tips from the American Bankers Association:
1) Talk openly about money with your kids. Communicate your values and experiences with money.
2) Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
3) Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
4) Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
5) Open up a savings account at your local bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management.
6) Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents' personal finance habits.
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.