At Atlantic we are big believers in Financial Education. Teaching kids about money, the importance of saving money and making smart money decisions are critical steps for setting a foundation for a healthy financial life.
For many of us, we grew up with a piggy bank somewhere in our room. Loose change (especially pennies) were dropped in over time. What a glorious moment when the bank was full. Dump the coins on the table and start counting! I think there will always be cash, but we are increasingly becoming a society of digital cash. The debit card is our cash.
Watch out. Here comes Ernit the digital piggy bank of the future. Ernit is designed to help kids begin to understand digital money.
How does it work? Your child sets a goal in the Ernit app. A toy, a book, a charity gift… whatever. Family members and the children then contribute the virtual money to the Ernit App. The child then claims the funds and transfers to the Ernit piggy bank. It lights up with the deposit and a string of lights around the Ernit Snout shows the progress of the savings.
Teaching kids about money is the goal. The latest technology is always fun, but a regular piggy bank with real money can work just as well.
When it comes to real money the Atlantic Sammie the Seal youth savings club is a great place for kids to learn positive saving habits.
Sammie the Seal is for kids 12 and under and offers competitive dividend payouts and Sammie Dollar Rewards for every $5 deposit. The Sammie dollars can then be redeemed for fun prizes. The Sammie the Seal Saver is also set up with Free Online Banking and Free e-Statements. Online banking is the real world of digital finance. You teach the value of saving and your child learns how to keep track of their account.
Whether it is the virtual world of the Ernit piggy bank or the real world of having a savings account at Atlantic Federal Credit Union, learning to save is the first step to prepare kids for financial independence. Career planning, creating a budget, and managing debt are all part of the next steps in teaching solid money management skills.