Federal Reserve Bank teaching kids the importance of saving money

KANSAS CITY, Kan. - It's never too early to teach kids how to save money. That's the message employees from the Federal Reserve Bank in Kansas City are delivering to kindergarten, first, second and third graders inside Claude Hyuck Elementary School Tuesday and Wednesday.

 In 2012, more than 135 volunteers visited 292 classrooms in 90 schools, reaching 6,315 elementary students throughout the Kansas City metropolitan area.

The kids are being taught how banks work, how to develop a savings plan and the importance of budgeting.

Economic education specialist Gigi Wolf says parents should be candid with their kids about money and budgeting.  She encourages sitting down with your children as you pay bills.

"I use that at home with my son. Every time I pay bills he sits down and pays bills with me. Even though he's not even quite 3, he knows the concept and when it comes to money and we go to the store, he understands that we have a budget to work with," she explained.

Wolf says teaching kids to save at a young age encourages lifelong fiscal responsibility.

"It's never too early to start teaching about the importance of managing your money wisely because it's something that we use every day in life regardless of our age", she added, "We really want them to start thinking about when money comes into their hands it doesn't have to all go right out it doesn't have to be spent right away."

During one exercise Tuesday afternoon, Wolf asked the students to write down something they want to save money to purchase.

"Some of the students said in this order they're saving for a mansion and then a video game so I think that's fun to hear about what they envision they want or need to save their money for," she said with a laugh.

Teach Children to Save is a national initiative created by the American Bankers Association and a key part of the annual Money Smart Month of Greater Kansas City campaign.

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