3rd graders at Stanley County Elementary School in Fort Pierre got a lesson in saving money, thanks to a local bank.
As part of Teach Children to Save Day, BankWest staff Jessica Stanek and Peggy Hanson visited Keely Connot and Michael Dowell’s classes (April 28, 2025). They explained the three-jar method of allocating money for spending, saving and giving and discussed setting both long- and short-term savings goals.
“This was a valuable lesson for the students to learn and we’re grateful for the community partnership with BankWest to help prepare our students for the future,” said Mrs. Connot.
BankWest offers the following tips for money-savvy parents raising money-smart kids:
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Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
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Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions and be prepared to answer them – even the tough ones. See this list of eight ways to talk openly with your kids about saving money.
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Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
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Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.
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Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
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Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too. Click here for a list of titles for all ages.
The Teach Children to Save Day initiative was established by the American Bankers Association Foundation in 1997.
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