VERO BEACH — With students back in school and already counting the days until winter break, Marine Bank, in partnership with the Independent Community Bankers of America (ICBA), is encouraging parents to educate their middle school age children about personal finances and money management.
“Too often, students and parents focus solely on the school’s curriculum, testing and grades,” said Bill Penney, Chairman and CEO of Marine Bank and Trust. “This can result in graduates who don’t understand the importance of saving, following a budget or the responsibilities that come with credit. At Marine Bank and Trust, our team of financial professionals is available and eager to assist our community’s youth in becoming financially educated.”
Money Tips every middle-school age student should know:
There are many ways for you to earn money. A kid between the ages of 10-13 cannot legally have part or full-time job, however, there are other ways for you to make money. Before you decide to start mowing lawns or walking dogs, think about the hidden costs of working. Will you need supplies? What are people are willing to pay for your work? How much is your time worth to you?
Pay yourself first. Develop the habit of saving and you will be well on your way to a bright financial future. When you receive money, set aside at least 10 percent immediately. This will prevent you spending it on non-essentials and impulse purchases. If you can save more, do so.
Don’t Nickel and Dime Yourself. Keep a money diary and faithfully track every purchase for a few months so you can see where your money is going. Are you spending all your earnings on snacks and treats or spending it on items and/or experiences with real value?
Give to Charity: By now, you are aware that others may not be as fortunate as you financially. Talk to your parents about giving and decide if you would like to donate money, time or even gently-used items you no longer need to a cause or charity that has meaning for you and your family.