10 Ways to Teach Your Kids about Money

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Are your kids on the right track to financial independence?

Teaching kids about money is so important. Young people who never learn to manage their money can have a hard time as adults.

Many of today's young adults never learned the basics. In 2014 40% of teens didn't have a savings or checking account. Over half, 59%, can't take a money management class through their school.*

We want all of our members, young and old, to do well. Here are a few ways you can teach your kids about money:

  1. Pre-school children can be introduced to money by having them sort different types by color and size.

  2. Elementary students can play store or banker. Help them use a pretend cash register and count the play money.

  3. Open a savings account for each child in your family. Help them keep track of their deposits and withdrawals. Encourage them to save money towards a goal.

  4. If you decide to pay your children an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for.

  5. At the grocery store, let the children help you shop. Teach them how to comparison shop and look for sales.

  6. As children get older, let them know what things cost. Show them the receipts and bills for things you've bought for them.

  7. Include your children in some of your household money discussions. Show them how you budget income and expenses.

  8. Help teenagers choose a free checking account. Teach them to track their transactions and balance their checkbook.

  9. As children get older and their wants get more expensive, make sure your middle and high schoolers understand what things you will pay for and what they will be responsible for.

  10. Finally, remind your children to ask for help when they need it.

We want to see your children succeed. Contact us about any of our services that will help get them started.

*According to the 2014 Teens and Personal Finance Survey conducted by Harris Poll on behalf of Junior Achievement USA
© 2015 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
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