How financial savvy are you?Financial literacy, including saving and spending habits, decision making skills, and how to be a smart consumer, are often topics discussed at the kitchen table - by parents. These are tools, however, that prepare youth for life-long successful financial decision making.
As part of America Saves Week 2013, scheduled for February 25 – March 2, the Minnesota Department of Commerce, in partnership with the University of Minnesota Extension, is spreading the saving message and urging Minnesotans to participate in America Saves Week.
Financial literacy, including saving and spending habits, decision making skills, and how to be a smart consumer, are often topics discussed at the kitchen table - by parents. These are tools, however, that prepare youth for life-long successful financial decision making.
“America Saves Week is a great opportunity to start teaching young people in our community the importance of saving as the foundation of wealth building and economic security,” said Commissioner Mike Rothman. “I encourage all Minnesotans to use America Saves Week as an occasion to commit to saving by setting a goal, making a plan, and saving automatically.”
To help Minnesotans learn the importance of saving early, Commissioner Rothman spoke at a University of Minnesota Extension event at Sweeney Elementary School in Shakopee on February 27. Commissioner Rothman read the book, “Less Than Zero,” by Stuart Murphy. The picture book follows a penguin named Perry as he earns, spends, and borrows money to teach youth the importance of savings, earning interest, and setting goals to buy the larger ticket items we all want.
Quinn Mulhich, the Eveleth Sixth-grader and winner of last year’s Hit a Homerun for Financial Literacy Contest, shared the importance of saving during last year’s Financial Literacy month.
"It is important to save any amount of money that you can – large or small. Before long, you will have enough money to buy a much bigger item, something that you've really been wanting. Or you can use it towards something special like college or a vacation,” Mulhich said. “It's also good idea to have money saved for emergencies."
Mulhich’s essay shared the steps he would take to make smart decisions with his money: wait, save, and give. Understanding that acting on the steps are more difficult than completing them, he used his Grandma Laura’s wise words, that “by waiting and saving, things become more valuable to you” to keep him on track.
More information about Financial Literacy, visit the Minnesota Department of Commerce website.