Our class asked a Teachers Federal Credit Union representative to come to our school and explain how the banking system works and how we can save money.
We have a mock bank in our classroom, and it's called the Krauss Federal Credit Union. It is named after our classroom teacher, Constance Krauss. We earn money in the class by following directions and completing assignments. Then we add our points earned and get paid. We get to shop in the classroom store and buy some items. First, we have to buy a need, such as pencils or erasers, and then we can buy a want, like small toys.
The representative from Teachers Federal told us her credit union works almost the same way. She read us a Berenstain Bears book "Trouble With Money" (Random House Books). She gave us all cardboard banks that we had to put together. She even gave us a stuffed toy owl to keep. It was really a lot of fun.
I learned that it is very important for us to save our money, especially for our needs. It is important for us to have a savings account and even a checking account. The Krauss Federal Credit Union is so much fun to have in the classroom.