The Fauquier Bank aims to educate adults on homebuying 101, their kids on money

Buying your first home is one of the most significant investments you’ll ever make. And the money-saving skillset needed to make the purchase is developed at an early age.

The Fauquier Bank will offer a two-part seminar this Saturday, September 29, from 1:30 – 3:00 p.m., at the Manassas Park Community Center.  

One part of the seminar will be called “Homebuying 101” which will give information about loan options and lingo that prospective homeowners should know.  

The second is “Teach Children to Save,” and is geared toward children ages 3 to 8-years-old. It’s a great place for mom and dad to bring their child while they learn about home buying.

It’s the perfect place for first-time home buyers to learn the basics of getting their dream home, and educate their children about basic money matters at the same time.

Both events are free to attend. Tony’s New York Pizza, of Manassas, a local’s favorite, will provide the delicious pizza.

The duality of the event is geared to help prospective homebuyers who may want to learn these things but who would otherwise be unable to attend because of needing to watch their children.

“We wanted to come up with a way to make the event successful but also allow the opportunity for people to come and not have to worry about ‘Well, what I am going to do with the kids?’”  said Assistant Vice President – Regional Branch Manager of The Fauquier Bank Cody Florence.

This is the first time that The Fauquier Bank has planned an event geared toward children.

Florence said that the bank is looking at doing more seminar type events geared towards children and teenagers in the future. Apartment complexes and other community businesses would be an ideal place to host similar seminars, and The Fauquier Bank hopes to collaborate with them for these types of events.

The children’s portion will talk about where children get their money – an allowance, doing well in school, having a lemonade stand – the difference between wants and needs, delayed gratification, and making budgets.

Florence explained that the children would do a simulation where they work with a budget of $100 and have to buy lunch for $5 and a jacket that’s $45. With the last $50, they draw a picture of what they want and then the adult leaders will explain whether that previous $50 can cover that item or not, and then lead the children through a budget.

During a game, children will have a tree with leaves that name certain products such as a tank of fuel, and if the child guesses the right price, they can put their leaf on the tree. The winner will receive a $10 gift certificate toward a savings account at The Fauquier Bank.

These games and interactive discussions are essential for children.

Karen Huff, a second-grade teacher at George C. Round Elementary school in Manassas, said, “Kids at that age put their wants before needs. They need to find out the difference between needs and wants…. I want that video game, but I need something else.”

Students also learn about the importance of money in the classroom.

“They can understand a lot more than we give them credit for,” she said.  “I don’t think it’s too early to start. As soon as they get a dime, they need to know what to do with that dime.”

Those who want to participate should RSVP by calling 540-349-0202.

The Manassas Park Community Center is located at 99 Adams Street in Manassas Park.

This post was written by Potomac Local for The Fauquier Bank, Equal Housing Lender, Member FDIC, NMLS #462668.