Teaching A Child To Understand Finances At An Early Age
Teaching a child to understand finances at a young age can benefit them tremendously as they get older. When you’re able to, a child’s savings account is a great place to start. At Wings Financial, they have two programs designed specifically for children.
Junior Jet Saver Program
With this first program, there is no fee for them to join. Your child just has to be 12 years old or younger. Included in the program is a free newsletter in the mail twice a year. Children also get their own mail with their own name on it, which a lot of younger children get very excited about. They also get a post card for their birthday every year up until the age of 12. As they develop
the habit of saving, and once they reach a balance of $150 they will get a savings bank
that they can take home with them.
Series of SOAR classes
This is the other program that Wings Financial has is for those who are between 13 years old and 22 years old. The program is a series of classes called the SOAR classes. There are four different classes that they offer. It’s a completely free program, and it’s usually offered at one of the branches of Wings Financial. The four modules are called Smart Start Checking where they teach participants the fundamentals of opening and using a checking account, Web Wisdom which teaches them how to protect themselves from identity theft. The third module is called Credit and You, which teaches individuals how to use different credit products.
The fourth module is on my own, which teaches about the cost of living on their own. It teaches individuals how to write their own budgets, what to consider in looking at college financing, the fundamentals of buying your first car and renting your first apartment. Again, this program is designed for those who are 13 years old to 22 years old. The incentive to complete all four courses, in addition to having all of that information, they get a $100 gift deposited into their account once they complete all four courses and pass a test after with at least a 70% score.
If you have any questions on any of these programs or any other questions you want to send me for next Thursday, then make a comment on this post or leave me another message in the group, or contact us at [email protected]. Talk to you guys next week.