NBSB Shares Financial Literacy Resources to Celebrate Financial Literacy Month!
Now more than ever we can see how truly important it is to be financially literate. Today, technology advances and changes constantly. Having a strong foundation of financial literacy skills will help you be ready for what life throws at you. In light of April being Financial Literacy Month we want to spread awareness about the importance of being financially literate and what it means to be self-sustaining. It has even been said that a strong set of financial literacy skills could prevent the student debit crisis for this next generation.
Materials and resources below will help you or your child make the most of your financial literacy journey and are grouped by age. Test your knowledge and see how much you already know and what you still need to learn about the following topics.
• Learn to Budget
• The importance of living within (or below) your means
• Understand Short Term vs. Long Term goals
• Rational Thinking about purchases
• Learn about credit
• Learn about loans
Ages 6-12
• Bankaroo teaches kids to manage their budgets, save up for goals, and be money smart. In Bankaroo, kids have access to their own virtual bank accounts that parents can add funds to as they wish or in the form of a scheduled allowance.
• iAllowance is a helpful tool for you to manage your kids’ allowances using real money. The app allows you to create incentives and use push notifications to remind your kids to finish their duties in time to receive their money.
• RoosterMoney is a free kids’ allowance and chores app. It is designed to help parents teach their children how to manage allowances, set chores, and save for goals.
• Money Monster story series focuses on important money concepts like borrowing, earning, protecting, saving, and spending to help introduce children to ideas, habits, and activities they will need as they grow up and start to manage their own money.
• MoneySmart Programs through FDIC:
–Grades K-2
–Grades 3-5
Ages 13-19
• MoneyThink Mobile has been dubbed the “Instagram for money.” Teens complete digital challenges that build financial awareness, habits, and skills. After completion, they are rewarded with points and social affirmation (in the form of digital likes and comments), similar to the photo sharing platform.
• FamZoo has been featured in both The Wall Street Journal and New York Times. It is designed to help teens take more responsibility for their own personal (real-life) spending, while helping them understand how to budget and how to save.
• Mindblown Labs offers financial education presented as a game, helping teens learn about finances and retirement in a fun, exciting way.
• NEFE’s High School Financial Planning Program (HSFPP) makes it easy to empower teens with money management skills. Teachers and parents can order printed booklets or download the free turnkey curriculum.
• MoneySmart Programs through FDIC:
Here are just a few topics regarding financial literacy that you can learn more about from the links above.
• Learn to Budget
• The importance of living within (or below) your means
• Understand Short Term vs. Long Term goals
• Rational Thinking about purchases
• Learn about credit
• Learn about loans
North Brookfield Savings Bank offers many ways to help your child become financially literate and confident.
- In the near future, we will return to hosting our FREE 5-week Financial Literacy Course at local schools, libraries & senior centers.
- We also offer learning lessons for all of our online products and services, available by appointment via phone or through our website. You can make an appointment through our website: https://www.northbrookfieldsavingsbank.com/schedule/ .
- Digital Learning Videos are also available on our website, which gives step by step directions on everything from Online Banking and Bill Pay, depositing checks with your phone to adding savings goals, track you’re spending, creating a budget and much more!
North Brookfield Savings Bank offers many options for students when it comes to having their own bank account. See our Student Banking Products below to get your child started off right on their journey to financial wellness.
High Five Savings Account:
– Offers a Premium Rate* and is available to children and young adults under 19 years of age.
– Minimum to open: $1.00
– NO minimum weekly deposit required
– NO monthly service charges
– FREE 24 hour telephone banking at 800-433-3781
– FREE ATM transactions at SUM® & MoneyPass® ATMs
– FREE Online Banking
– FREE Mobile Banking with Deposit on the Go
– Direct deposit
– Cash for good grades
Teen Checking Account:
– Non-interest bearing account available to teens ages 15-18.
– Minimum to open: $10.00
– FREE basic style checks up to conversion of account at age 19
– FREE unlimited checking
– FREE ATM transactions at SUM® & MoneyPass® ATMs
– FREE Debit card
– FREE Online Banking
– FREE Mobile Banking with Deposit on the Go
– FREE 24 hour telephone banking at 800-433-3781
– eStatements for monthly account statement
– Direct deposit
Cash for Good Grades Program:
– The cash for good grades incentive is a maximum of $20.00 per school year, with a maximum of $5 per quarter. To receive cash for good grades, report cards showing a GPA of at least 3.0 or equivalent must be submitted to a North Brookfield Savings Bank branch location. The incentive will be deposited into the student’s account.
School Banking Program:
-North Brookfield Savings Bank is present in North Brookfield, East Brookfield and Brookfield Elementary. If we are not participating at your child’s school we can provide this service in branch as well.
– If your child already has a North Brookfield Savings Bank account they can begin depositing into their account during School Banking Days immediately.
– If your child does not yet have a North Brookfield Savings Bank account you can visit us at any convenient branch location to open a student account. Once the account is established your child can then make deposits on their scheduled School Banking Days or visit any branch to make a deposit. You will need to bring the following materials when you visit to open an account:
– Your child’s social security number
– Minimum funds to open account. Visit NorthBrookfieldSavingsBank.com/student-banking to view the available student banking accounts.
– Your child’s Birth Certificate
Super Savers League Program:
-Each student who is interested can receive a League Card by visiting the School Banking table. Each time the student makes a deposit they will receive a stamp. When they have received 5 stamps they will earn a prize as a savings incentive. When the student makes their first deposit they will receive their very own blue deposit pouch to carry their deposits to and from school.
Pairing these learning opportunities with the great products at North Brookfield Savings Bank can help prepare your children for a stable and reliable financial future.
