Skip to Main Content

Town and Country Bank

Main Navigation

  • Careers
  • Contact
  • Search
  • Pay Loan
    • Make a Mortgage Payment
    • Make a Loan Payment
  • Login
    • Online Banking
        • Forgot Password
        • Sign Up
    • Home Loan
    • Make a Mortgage Payment
    • Trust & Investment Services
    • Make a Loan Payment
    • Credit Card
  • Menu
  • Home
  • Personal Banking
    • Personal Checking Accounts
    • Personal Savings Accounts
    • Loans
      • Auto Loans
      • Personal Loans
      • Home Equity
      • Land & Lot Loans
      • Bridge Loans
    • Make a Loan Payment
    • Personal Debit and Credit Cards
  • Business Banking
    • Business Lending
    • Business Accounts
    • Treasury Management
    • Business Debit and Credit Cards
    • Meet Our Business Bankers
    • SBA Paycheck Protection Program (PPP)
      • SBA Paycheck Protection Program (PPP) Loan Forgiveness
    • COVID-19 Relief Programs & Resources
  • Home Loans
    • Find the Perfect Home Loan
    • Meet our Mortgage Lenders
    • Apply for a Home Loan
    • Mortgage Calculators and Rates
    • Make a Mortgage Payment
    • Mortgage FAQs
  • Trust & Investments
    • Personal Financial Planning Services
    • Business Financial Planning Services
    • Meet our Trust & Investments Team
  • Customer Support
    • Online & Mobile Banking Services
    • Account Resources
      • Overdraft Protection
      • Reorder Checks
      • Financial Calculators
      • Switch to Us
      • Online Forms
      • Online Security
      • FAQs
    • Additional Services
  • Sprig The Word Blog
  • Our Team
  • About Us
    • Community Support Request
    • About Our Bank
    • Diversity, Equity, and Inclusion
    • Locations & Hours
    • Careers
      • Careers in Mortgage Lending
    • News
      • 2020 Financial Reports
      • 2019 Financial Reports
      • 2018 Financial Reports
      • 2017 Financial Reports
    • Contact Us

  • Sprig The Word Blog

Teaching Kids the Value of Money

8/1/2018

SHARE

In the days where purchases happen with a simple swipe, it’s easy to see how some kids may not understand the way money works. While parents rely on the convenience of electronic payments and apps, they should still teach kids money management principles. And no matter the age, it’s never too late to learn smart financial habits.

“Most schools don’t teach children about money outside of basic math and counting skills,” says Wendy Kernan, Town and Country Bank’s Director of Branch Services. “To grow up with financial knowledge and think long term over that short-term gratification goes a long way.”

To start out, Kernan suggests laying the foundation with these real-life basic guidelines: 

  1. Gather up all the piggy bank money and open a savings account. Town and Country offers youth accounts with no minimum balance requirements or service charge. While the child gets the hands-on experience of depositing money, a parent controls the funds and makes withdrawals.
  2. Offer an allowance but only for going above and beyond. Kids should be expected to contribute to regular household chores without compensation. A good rule of thumb is $1 per age of the child each week. So a 10-year-old could receive $10 a week.
  3. Teach your child the importance of financial patience with the spend, save and share system. By categorizing money, kids experience the payoff of saving up for something special and how it feels to give back to a special cause. This would also be a good opportunity to explain how taxes work.
  4. Monitor their purchases carefully. As the digital revolution of cashless payments continues to grow, many parents now give teens money through apps or prepay cards. Many apps allow parents to see exactly what’s purchased and even block certain stores or categories. Take advantage of that service, and help your child make smart decisions.
  5. Set an example. Kids naturally pick up habits from their parents. A simple conversation to explain why a purchase or vacation isn’t possible teaches kids about life’s realities. Understanding this concept and the value of saving helps put them on the right path to become financially successful adults. 

For more information on youth accounts at Town and Country, call a Solution Center team member at 1-866-770-3100.

More Posts

View Current Offers
Open an account
Find a location

  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
  • Contact Us
  • Locations & Hours
  • Financial Calculators
  • Careers
  • Financial Privacy Disclosure
  • Financial Privacy Opt Out Form
  • Other Disclosures
  • Community Support Request
  • Routing Number: 071123262
  • FDIC Logo
  • Equal Housing Lender Logo

Copyright © 2020 Town and Country Bank All Rights Reserved. An Illinois State chartered banking organization. | Please note that Investments are not a deposit, not FDIC Insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.

Privacy Policy

Town and Country Bank is regulated by the Federal Reserve Bank of Chicago. For accolades or complaints, please contact us by sending a letter to: Customer Relations Office, 3601 Wabash Ave., Springfield, Illinois 62711. If there is no sensitive customer information, such as social security or account numbers, you can send feedback to the following email address: customerrelations@townandcountrybank.com

You Are Now Leaving

You are now leaving the Town and Country Bank/Peoples Prosperity Bank website. You are about to access a third party web site or service that is not owned or controlled by Town and Country Bank/Peoples Prosperity Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Town and Country Bank/Peoples Prosperity Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

Continue Cancel ×