Members eNewsletter June 2023 edition

This month we focus on teaching children valuable financial skills including budgeting, saving, and investing in themselves.

In this edition, we share how you can protect yourself from scammers by learning how to say no. We also help you understand what compound returns are and how they can help you achieve long-term financial goals.

If you have any topics that you would like us to cover in future newsletters, simply email us on news@cus.coop.

With best regards,

The Thamesbank editorial team

10 ways to teach children how to budget

It’s essential to teach your kids valuable financial skills. Discover 10 effective ways to introduce budgeting to children, setting them up for a lifetime of smart money management. From setting goals to tracking expenses, our tips and strategies will empower your little ones to become money-savvy.

Mastering the art of saying NO: protecting yourself from scammers

In the era of rampant online scams, it is crucial to stay vigilant and safeguard your financial well-being. Our blog article provides essential tips to protect yourself from scammers, including recognising common red flags, securing personal information, verifying sources, and reporting suspicious activity. Stay informed and stay safe in the digital world.

Read the full article on our website.

What are compound returns?

Understand the concept of compound returns and their potential to enhance investment growth over time in our blog article. We explore how reinvesting earnings can exponentially increase returns, highlight the benefits of starting early, and provide practical examples to illustrate the power of compounding. Learn how to maximise your investment potential and achieve long-term financial goals.

Why you should teach your children to save money

Teaching children how to save money is crucial. Here are five reasons:

1. Financial literacy: By introducing children to saving money at an early age, we can foster financial literacy. Teaching them about the importance of budgeting, saving, and responsible spending can lay a foundation for a lifetime of good financial habits.

2. Goal setting: Saving money helps children develop goal-setting skills. With a Junior Savers Account, children can set savings goals, such as purchasing a toy, saving for a trip, or even building an emergency fund. This instills discipline and empowers them to work towards achieving their objectives.

3. Building long-term savings habits: Educating children about saving money early on can lead to the development of long-term savings habits. By using a Junior Savers Account, children can learn the value of saving regularly, thus establishing a habit of putting money aside for the future.

4. Financial security: Teaching children about saving money helps them understand the importance of financial security. They learn that having savings can provide a safety net during unexpected circumstances or emergencies. This knowledge can contribute to their overall financial resilience and well-being.

5. Encouraging responsible financial behaviour: By encouraging children to save money, we promote responsible financial behavior. They learn the difference between needs and wants, the importance of delayed gratification, and the value of making informed financial decisions. These lessons can shape their attitudes towards money management as they grow into financially responsible adults.

By opening a Thamesbank’s Junior Savers Account for a child under 18 years old, you will be able to create an engaging and age-appropriate platform for children to learn these essential financial skills, encouraging a lifetime of smart money management.

Simply contact us via email at admin@thamesbank.org to set up a Junior Savings Account for your loved one today.

Words of wisdom

The best investment you can make is in yourself. – Warren Buffet

This quote underscores the value of investing in education, personal growth, and acquiring skills. It encourages children to prioritise their own development and reminds them that investing in knowledge and self-improvement can lead to greater opportunities and long-term financial success.