The Jarrettsville Federal Blog

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By Nancy Dorn, Senior Vice President/Bank Operations Officer

What’s your New Year’s resolution?  Perhaps it’s to try to eat healthier or go to the gym more often.  Maybe it’s to try to get a better grip on your finances or spend more quality time with the kids.  I’m not a lifestyle coach or personal trainer, but what if I could give you a way to not only spend more time with your children, but to teach them a valuable life lesson in the process? 

If you’re like most families, your children have probably received some monetary gifts in the holiday giving frenzy.  One of the greatest gifts that you can give your children is to arm them with financial knowledge.  Teaching kids about being responsible with their money can seem challenging, but it’s really quite basic.  Show your kids how to save money by opening a savings account with them.   

Before heading to the bank, do some research with your child on the types of savings accounts available.  At Jarrettsville Federal, our goal is to provide you with savings account products that are competitive yet straightforward.   You can choose the option that best fits your needs. 

My favorite for a young saver is a Passbook Savings account -- it can be a wonderful way to introduce your children to the world of savings and finance.  Every deposit or withdrawal is recorded in their passbook, and they will be thrilled to see their earnings grow as the interest accumulates!  Another option is a Statement Savings account, which assures you of immediate access to your money when you need it.  Young adults who are at least 18 years old can see their statements online with online banking, as well as in the monthly mailed statement.  For older children who might want to save money to buy Christmas presents, the Christmas Club account is a great way to show the results of saving as little as $2 per week.  By the time checks are issued at the end of October, your child will have money to buy that perfect gift all by himself! Finally, for larger sums of money or more earning potential, you can talk to your children about Certificates of Deposit.  Together, you can select a short-term or long-term CD.  If your child is saving for college or won’t want to withdraw money right away, one of these might be just right.  

Our customer service representatives are delighted to teach young savers how to be money savvy.  As a matter of fact, we love it when little people come into the branch.  They won’t get out the door without the offer of a lollipop and perhaps something from the little treasure chest. Stop by with your children and introduce them!

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