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The Sandy Spring Way

Financial Literacy Starts at Home

April 9th, 2014 | By Sandy Spring Bank

Financial Literacy Starts at HomeFinancial Literacy Starts at Home
Mandy Walsh

As a community bank that’s “From Here. For Here.”, we’re committed to adding value to our communities by supporting financial literacy education. Today is National Teach Children to Save Day, and thanks to this program, over 6 million students have been provided critical financial literacy education for their future.

We recently had the opportunity to provide financial literacy education to a group of middle school students as part of the Life Skills curriculum. Using a tool as simple as the ABA Sample Budget Worksheet, we had a conversation about monthly expenses and what things actually cost. It was eye-opening for the students and really made them think about the financial decisions their parents or guardians have to make each month.

Try using this tool to start the conversation with your children. You can use a sample number for your monthly take home pay or mortgage/rent if you are uncomfortable sharing the real number with your kids. Remember: The goal of the exercise is for children to understand what a budget is and how it can help manage expenses throughout a typical month. After the exercise, ask your kids to reflect on how saving money and planning for future expenses can fit into their lives.

Take the first step in teaching your children how to save and help them create the foundation for developing healthy, financial habits throughout their life.