The Fauquier Bank Participates In 'Teach Children To Save Day'

WARRENTON, Va., April 24, 2013

"This program gives us the opportunity to share our life experiences and banking knowledge to motivate students to become lifelong savers," said Randy K. Ferrell, President and CEO of The Fauquier Bank.

The Fauquier Bank offers the following tips for money-savvy parents raising money-smart kids:

• Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
• Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
• Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
• Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.
• Let them make mistakes.  As they get older, give them responsibility over how they manage their money. When they make mistakes, use it as a teachable moment to discuss the right way to handle money.

In addition to the elementary school program, The Fauquier Bank sponsors a money management education program for Fauquier County middle and high schools.  The Financial Literacy Project has been made available to teachers without cost, and has recently been expanded to include a program on loans, credit, and insurance.  Through these educational initiatives, students learn techniques and responsibilities associated with managing personal finances.  Topics covered in the program include how to maintain a checking account and balance a checkbook, understanding and managing debit and credit cards, how to achieve credit worthiness, the basics of consumer loans and valuable budgeting skills. 

The objective of these financial education programs is to provide students the information needed to become educated, responsible consumers and to help them understand how the financial decisions they make today will impact their future.

"The Fauquier Bank is proud to sponsor financial literacy community projects.  Providing this fundamental education for our young citizens is an essential part of helping them build personal economic stability as well as a valuable aid in strengthening the future of our community," said Mr. Ferrell.

If your school would like to participate in 'Teach Children to Save Day' in 2014, please contact Diane Wilson at (540) 347-2700 or email diane.wilson@fauquierbank.com.