Saturday, April 26, 2014

Teach Children to Save Day

 Sharla Dinneen and Meredith Emshoff share about savings with the Exeter-Milligan Kindergarten, first and second graders. The second graders are pictured below.

Exeter-Milligan elementary students enjoyed a lesson a saving versus spending courtesy of Generations Bank on Friday, April 11th.

Bank employees Sharla Dineen and Meredith Emshoff gave a presentation to encourage the elementary students to save money at both elementary campuses.

The event was held to celebrate National Teach Children to Save Day that Generations Bank has participated in for the last 18 years.  

To help the students see the difference consistent saving makes, the bankers presented the two realistic scenarios to see if two brothers Kyle and Todd could reach their savings goal. One was a saver and one was a spender that the students could identify with, “Remember that either way, if you track your money you can see what you have spent and what you have saved and how close you are to reaching your goal," explained Dinneen.

During their talk Dinneen and Emshoff  questioned the children on their own money habits.  Most of the students reported that they were savers.  The students had the opportunity to share when they had saved for a big ticket item.

One of the most important lessons the volunteers hoped to bring to the children was the difference between delayed and instant gratification.

Before leaving Dinneen and Emshoff gave the students cookies, drinks and a plantable wildflower seed bill courtesy of Generations Bank.

Fun facts shared with the students:
When the US mint began minting coins, it took more than two years to mint one million coins.  Today the Philadelphia Mint produces that amount in about 45 minutes.

The cost to make a penny was 1.8 cents in 2013, according to the US Mint and it costs 9.4 cents to make a nickel.

Coins usually last for 25-30 years.  Dollar bills usually last 18 months while the 50 and 100 dollar bills often last 9 years.  The two dollar bill usually lasts up to 36 years.

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