Learning To Save
Kids, did you know that learning about money and how it is used is important, just like learning different subjects in school?
Good news! You’ve come to a great place to start learning about money, how we use it, and the value of saving. Click on one of the topics above to start learning with NBT Bank!
What is Money?
People all over the world use money every day to buy the things they want and need – but what is money, really? How is it earned, how is it used, and where is it made?
Click on the video to learn about money and where it comes from.
How do people earn money?
There are so many ways to earn money!
One way that people earn money is by doing jobs. Doctors, bankers, and teachers are some examples of different jobs – what other examples can you think of? Any job you can think of, people earn money by doing.
People also earn money by selling goods and services. But what are goods and services? Think about all the things you can buy at stores - food, clothes, toys, supplies for school – these are all goods. A service is something someone does to help others - like cutting hair, mowing lawns, or fixing leaky roofs.
What is a Need? What is a Want?
A NEED is something you must have today, such as food, clothing or shelter.
A WANT is something that you might like to have, such as a toy or a video game. Wants are fun to have or make your life easier. You don't need them in order to survive.
- Download this coloring page to show what Needs and Wants are.
Spend, Save, Give
Do you earn money? If so, how do you earn money? Do you get money for your birthday? Do you get an allowance for doing chores? Or maybe you get money for the holidays. If you do get money, ask your parents or caregiver to get you 3 jars and label them SAVE, SPEND, and GIVE and start separating your money into these specific jars.
Saving? What's that?
A big part of learning how to save is learning how to plan for tomorrow or the future. Being able to plan is a sign of growing up and being responsible! Saving may not always be easy but starting to do a little bit every day will help you build strong savings skills.
What is a Savings Goal?
There are two types of savings goals.
- A short-term savings goal is an amount of money that you plan to save to buy something soon, such as in two weeks or a few months.
- A long-term savings goal is an amount of money you plan to save to buy something in the future, such as in one year, five years or more.
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