A free program can help teach your kids financial responsibility

Updated: Oct. 29, 2018 at 11:13 AM EDT
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RICHMOND, VA (WWBT) - Looking for a way to teach your kids how to make money and be responsible with it? There’s a program that could help... and it’s free!

Banzai teaches kids financial literacy in an age-appropriate way.

“If you start saving now, even if it’s just a little bit, but earning interest on the funds that you save, and compounding interest - the interest that you earn 20, 30 years from now, you have such a larger deposit balance than you do even five years from now,” said Chris Miller, with Chesterfield Federal Credit Union

The program works by pairing local bank sponsors with community schools or individuals, so it’s free to users! Chesterfield Federal Credit Union currently sponsors Chesterfield schools.

“Everybody likes money, and I think that’s the hook,” said econ and personal-finance teacher Howard Moore.

Moore uses the Banzai program with his students.

“It’s a way to protect our kids, educate our kids, and help them learn about building wealth and protecting their assets and finding ways to manage risk early before they have to find out the hard way from trial and error," he said.

Using real-life moments to teach responsibility.

“It’s near the end of the month, you have $350 left before your next paycheck and an electricity bill is due, but you also have to buy groceries, you might have an insurance bill to pay - gas,” said Moore.

When it’s a computer game, the mistakes don’t hit as hard as they will in real life. Currently, Chesterfield Credit Union sponsors Chesterfield and a few surrounding schools. But the program website says any student or teacher can sign up, even individuals or home-school students.

If you think it could help your family, sign up here.

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