OMAHA,NEB. (KMTV) — Wakonda Elementary School students in Omaha are learning financial literacy and money management skills through a local mentoring partnership.
- Omaha Cares Mentoring teams up with Alpha Kappa Alpha and Carver Bank.
- Participating student will receive $50 to open a real savings account, helping them build lifelong habits of saving for emergencies and future goals.
- Before receiving any money, students must learn basic financial concepts, including how to budget and the difference between wants and needs, and assets versus liabilities.
BROADCAST TRANSCRIPT:
Students at Wakonda Elementary School in Omaha are learning financial literacy and basic money management skills at an early age.
Omaha Cares Mentoring works with the students every Thursday to be a positive force in the community. This is the first year the mentoring program has teamed up with Alpha Kappa Alpha.
In May, each student will receive $50 to put into a real savings account.
"We are introducing them to how money works at an early age. So they know how it will impact their life, not just now, but in the future," Sheila Estes, co-chairman of Building Economic Wealth for Alpha Kappa Alpha, said.
Before receiving the funds, the students must understand basic money management skills, such as the difference between a want and a need, and an asset versus a liability. The idea of budgeting money coming in and going out seems simple, but doing it every day can be hard.
"Our kids need to see us, and we need to share with them each and every day," Portia Cavitt, Lady and Gents coordinator, said.
Whether managing money going out or coming in, the most important thing is to get started.
"Once you build a habit, it's something that you'll continue to do. It doesn't take a whole lot of money, it could be pennies, dimes, quarters, but the whole idea about savings is the habit, the behavior, of learning to put aside for emergencies, or maybe you're saving for some kind of goal, a vacation, or college," Karnette Rushing, business development officer, said.
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