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Local Bankers Recommend Teaching Kids How to Save Money Early

Posted: Monday, December 6th, 2010 at 6:24 am
Author: KNIA/KRLS News-Samantha Smith

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Learning how to save money is an important skill and something our local bankers say needs to be taught early. Chris Goerdt, Assistant Vice President at Leighton State Bank in Pella says it’s important for children to make money from a young age whether it is through an allowance or by helping in the community. Then he says parents should help show kids how unimportance of saving is so that when they want to make a purchase for themselves it will give them self gratification of knowing that they saved their own hard earned money to buy the item. Stu Job, President of Iowa State Savings Bank in Knoxville recommends that parents show their children how to divide up their earnings in three piles, one for savings, one to be spent on others and another to be spent on themselves. He says this teaches the kids several lessons about saving, spending wisely and the importance of helping others.