Financial Terms Parents Need to Teach Their Children

Monday, July 06 at 10:40 AM
Category: Personal Finance

If there’s one subject that has the ability to impact kids throughout their entire lives, it’s personal finance. The following is a list of financial terms that experts say every kid should learn. Even if your kids are into their teenage years, it’s never too late! Go through the list to make sure they have a good understanding of each term.

1. Saving(s): Age 4+
Saving is one of the best topics to introduce at a young age. It’s easy for kids to grasp and can have a huge impact on those who embrace it early. Here’s a great way to illustrate savings to youngsters - start by giving your child two small pieces of candy during the day. Let them eat one right away and save the other until after dinner. Then each day for a week, give them two pieces, but have them save one in a special place. When the week is over, they’ll be excited to have a bag full of candy. Explain that saving money works the same way — when you regularly put a little bit aside, in time it will add up to something big. Arvest is happy to offer a savings account option that is designed specifically for kids – our Cool Blue™ Savings account!

2. Budget: Age 8
A budget is plan that you make to keep track of your money and where it is going. One great way that a lot of parents teach kids how to budget is with “give, save, spend jars.” Whenever the child earns money they divide it between the jars. The “save” jar is money that’s intended for a longer-term goal; money in the “spend” jar can be used any time for smaller purchases; the “give” jar is money that will go to a charity of their choosing.

3. Loan: Age 8
A loan is something that is borrowed, often money, which has to be paid back with interest (see #5 below). Most kids get the basic concept of a loan because chances are, at one time or another, they’ve lent something to a friend or sibling and expected to get it back. Start by explaining some of the reasons people take out loans. For instance, because it costs a lot of money to buy a house, most people borrow money (take out a mortgage) to pay for it. Car loans and student loans are also good ones to discuss – especially the latter for kids who may be taking out student loans in the future. While taking out a loan isn’t a bad thing, parents need to stress that when you do take on a loan, it’s your responsibility to pay it back.

4. Debt: Age 8
Loans and debt can be explained together. Like a loan, a debt is money that you owe someone that needs to be paid back. Once again, for younger children, a mortgage can be a good way to illustrate how debt works. Parents can explain that they borrowed money – took on debt – to buy their house and that they need to pay it back a little bit each month. It’s important for kids to understand that once you have a debt, it doesn’t go away until you’ve taken care of it.

5. Interest: Age 8-10
Interest has two sides: it’s either something you pay when someone lends you money or something that you earn when you lend money to someone else. Make it into a game to illustrate how it works: Ask to borrow a few dollars from your child’s piggy bank and then set up a schedule to pay it back over the next month with interest. When kids are older and can calculate simple percentages, have them do some math to see how interest adds up. Show them a credit card agreement that charges 15 percent interest and have them figure out how much extra money you would have to pay to carry a balance of $5,000 or $10,000 on your credit card, versus if you paid it off right away.

6. Credit/Credit Card: Age 8-10
Credit lets you buy something without having to pay for it right away. For example, if you use a credit card to buy a new bike that costs $200, the money doesn’t come out of your bank account. Instead the credit card company pays for the bike, then they send you a bill and you have to pay them back the $200. If you don’t pay them back right away, they will charge you extra money (interest). The longer it takes you to pay back, the more money you will owe in the end. Parents should also explain how a debit card is different, as it takes money directly from your checking account.

7. Taxes: Age 10-12
Chances are most kids know the word but few understand what taxes are. Here’s the explanation: taxes are payments that go to the government for the work that it does, such as improving schools and fixing roads. They’re taken right from your paycheck and the amount you pay depends on how much money you make. A great way to teach kids about taxes is to apply a tax to their allowance. Rather than giving them their full allowance each week, take away a percentage (the “taxes”) and put it in a family jar to be used toward a household expense.

8. Credit Score: Age 15+
Once you plan to give your child use of a credit card, you must explain what a credit score is. A great way to explain it is with a social media spin - there are three credit bureaus, which calculate your “credit score” or how you use your money. The goal is to have a high credit score – more “likes” by the credit bureaus. The way to receive more likes (a high score) is to have a long history of paying your bills on time. When you don’t pay your bills on time or you have too much debt, your score gets lowered (fewer likes). It’s important to emphasize that a good credit score will help in the future if you want to borrow money to buy a house or a car. Meanwhile, a bad credit score can make it difficult for you to borrow money.

Article courtesy of*

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.
Tags: Budgeting, Credit Cards, Debt, Financial Education, Savings

Introducing Arvest Flex Rewards™

Thursday, July 02 at 09:00 AM
Category: Arvest News

Arvest Bank is excited to announce we’ll be launching a new rewards program, Arvest Flex Rewards™, this fall. In an effort to bring greater value to your rewards program, this more robust platform will feature:

  • No annual membership fee. Join the program for free, and enjoy no annual fee.
  • Cash-back opportunities. Redeem Arvest Flex Rewards™ for credit card statement credits or deposits into your checking account.
  • New travel redemption categories. Includes most airlines, hotel chains and car rental facilities with availability, as well as cruises and other travel packages.
  • A significantly expanded pool of gift card brands. Redeem points for gift cards from more than 50 merchants, including retailers, restaurants, airlines and hotels.
  • The ability to redeem points at lower thresholds. Cash-back and gift card categories will require fewer points for redemption. Cash-back redemption opportunities start at 2,500 points and some gift cards at 5,000 points. 
  • The ability to pay for travel with a combination of points and your Arvest credit card.
  • Bonus points. Customers will have special opportunities to earn bonus rewards points throughout the year.
  • A dynamic online customer interface. Along with a new look and feel, the Arvest Flex Rewards™ website will feature improved navigation and rewards redemption experience.
As always, we are excited to offer competitive products – like our upcoming enhanced rewards program – that meet your financial needs. If you have questions or would like more information about your current Arvest Rewards account or the upcoming program changes, please call (855) 380-2204.  We are here to help.
Tags: Arvest Flex Rewards™

Naturals Set to Host OnDeck Minor League Baseball National Game of the Week on July 9

Thursday, July 02 at 05:35 AM
Category: Arvest Community News

Naturals game against the Frisco RoughRiders to be televised to national audience on CBS Sports Network.

SPRINGDALE, AR - The Northwest Arkansas Naturals, the First Half Texas League North Division Champions, are excited to host the OnDeck Minor League Baseball National Game of the Week to be televised to a national audience on CBS Sports Network on Thursday, July 9 when they host the Frisco RoughRiders, the Double-A Texas Rangers, at Arvest Ballpark.

The game is scheduled to begin at 7:05 p.m. and the Naturals have recently announced that promotions such as a special post-game Fireworks Spectacular, Rally Towel giveaway, and special 2-for-1 Kansas City Royals Kids Zone passes have been added as part of Buck Night on Thirsty Thursday presented by Foghorn's. Gates will open at 5:00 p.m. and fans from throughout Northwest Arkansas are encouraged to arrive early as well as stay late for the festivities scheduled to take place.

Thursday, July 9 - Naturals vs. Frisco RoughRiders, 7:05 P.M. (Gates open at 5 P.M.)

- OnDeck Minor League Baseball National Game of the Week on CBS Sports Network

  -- Broadcast Partner is Walmart

- Post-Game Fireworks Spectacular and Rally Towel Giveaway on Buck Night on Thirsty Thursday presented by Foghorn's

  -- Post-Game Fireworks Spectacular - A spectacular fireworks show will follow the conclusion of the game.

  -- Rally Towel Giveaway - Naturals Rally Towels will be given out to the first 1,000 fans in attendance.

  -- Buck Night - Buck Night provides fans with select Items for $1 at the Arvest Ballpark Concession Stands including: Farm Rich Mozzarella Sticks & Peanuts

  -- Thirsty Thursday - Thirsty Thursday features Miller High Life 16oz. drafts for only $2 at specific locations along the concourse & $1 small Coca-Cola fountain drinks from the concessions stands

- 2-for-1 Kansas City Royals Kids Zone Passes - Kids can take advantage of this special deal and enjoy the inflatables in the Kansas City Royals Kids Zone throughout the game

- Early Entry for Batting Practice - Gates will open to the public at 5:00 p.m. to give fans the opportunity to watch Batting Practice in advance of the game (subject to team schedules)

- Media Partners are Hot Mix 101.9 and 93.3 The Eagle

Single game tickets for Thursday, July 9 are on sale now at the Arvest Ballpark Box Office and start as low as $7. Tickets are available in person at the Box Office, online at* or via our toll free ticket hotline at (877) 444-2637.

All tickets purchased online or by telephone must be paid for via credit card. Children 12 and under, adults over 55 years of age, and active or retired military with valid identification receive $1 off the purchase of Premium, Reserved, or Jack Link's Jerky Grass Berm/General Admission seating for individual game tickets but must be purchased in-person.

Follow the Northwest Arkansas Naturals on Twitter @nwanaturals all throughout the year by using the hashtag #NaturalPastime for all of our up-to-date information on tickets, groups, promotions, and team-related information.

The Northwest Arkansas Naturals are the Double-A Texas League Affiliate of the Kansas City Royals. The Naturals play at state-of-the-art Arvest Ballpark in Springdale, Ark. For more information including statistics, ticket options, and more, please visit,* and follow us on Twitter @NWANaturals and*

This story was not subject to the approval of the National Association of Professional Baseball Leagues or its clubs.

Press release courtesy of Northwest Arkansas Naturals.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution. 

Tags: Arkansas, Arvest Benton County, Community Support, Fayetteville, Press Release, Springdale

Pointers to Help Seniors Live at Home Longer

Wednesday, July 01 at 11:05 AM
Category: Personal Finance

The vast majority of older Americans want to remain in their homes as they grow older, also known as aging in place. More than 90 percent of the baby boomer population prefer to age in place, according to a recent Georgetown University survey.*

“America’s 50 and older population is expected to increase by 20 percent in the next 15 years,” said American Bankers Association President and CEO Frank Keating. “It’s important that older adults and their families plan ahead to ensure they have the housing they need for a safe, comfortable and independent life.”

The ABA Foundation is offering the following tips for older Americans considering aging in place.  

Take a hard look at your finances. Arrange a meeting with a trusted family member or friend and your financial advisor. It’s critical to understand your financial resources, how long they’ll last and what housing options are the most cost effective for you. Be sure to consider all costs associated with aging in place, including:
  • Home modifications
  • Transportation to medical appointments, shopping and other errands
  • In home caregiver for house upkeep and medical purposes
  • Property taxes and home insurance
Assess your home and determine what modifications are necessary. While staying in your home is preferable for many, there are often design changes that must be made to ensure it’s also safe and comfortable.
  • Make sure there is at least one step-free entrance to your home.
  • Update lighting inside and outside of the house so that all walkways and stairs are well lit. Clear pathways throughout house and firmly secure all carpets to the floor to prevent tripping
  • If a bedroom and bathroom does not or cannot exist on the first floor, consider installing an elevator or chairlift. At a minimum, make sure you have handrails on both sides of your stairs.
  • Install grab bars in the bathtub, shower, or near the toilet.
Make security a priority. Older Americans are often targets for scams and other criminal behavior. Be cautious about who you allow in your home and disclose sensitive information to.
  • Install up-to-date and easy-to-use locks. Make sure your front door has a peep hole or a security monitor so you can see who is outside.
  • Consult someone you trust when hiring a contractor, financial advisor, etc.
Look into community resources. If mobility is limited, look in to services offered in your area. Many communities have established non-profit programs that offer transportation and food delivery to assist older Americans at a reasonable cost.

Be prepared for possible emergencies.
  • Keep a list of all emergency contacts on your refrigerator or by a phone.
  • Consider a Personal Emergency Response System.* Transmitters can be worn as a bracelet or around your neck and require the simple push of a button to send a signal to a call center.
  • Have your address number visible from the street so emergency responders can easily identify your home.
Reevaluate every six months to make sure all needs are being met. As you age, your needs inevitably change. Take time twice a year, or as needed, to sit down with your trusted family or friend and make sure your current living situation is still the right one. 

For more information and additional housing tips, visit*

Article courtesy of American Bankers Association.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution. 

Tags: Consumer Protection, Financial Education, Retirement

Bartlesville, Okla. Blood Drive

Wednesday, July 01 at 06:50 AM
Category: Arvest Community News

The American Red Cross Eastern Oklahoma chapter* has partnered with Arvest Bank to host a blood drive on Monday, July 13, 12 - 6 p.m. in Bartlesville, Okla. We encourage associates, customers and community members to donate blood and give back to our community. Anyone interested can sign up online* or stop by the American Red Cross location at 601 S.W. Jennings Ave., Bartlesville, Okla. on July 13.

“The Eastern Oklahoma Red Cross is responsible for the safety and preparedness of 1.5 million people spread across 26,000 square miles in eastern Oklahoma. We reach 516 people every day in the 31 counties we serve,” according to the American Red Cross website. 
For questions, please contact Camie King at
Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.   
Tags: Bartlesville, Community Support, Oklahoma

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