News & Advice

When you instill smart spending and saving habits for your kids now, you set them up for a bright, financially secure future. 

Teaching your kids how to manage money gives them a powerful head start in life. What better time to focus on teaching them the value of saving than during April, National Credit Union Youth Month? 

Teaching your kids about money when they’re young can have lifelong benefits for them. Here are some ways you can get started. 

HAVE HONEST CONVERSATIONS ABOUT MONEY 

According to a 2021 T. Rowe Price survey, 62% of parents have some reluctance when it comes to talking about finances with their children. It doesn’t have to be that way. 

You don’t have to sit your children down lecture-style, but get comfortable having open and honest conversations about money. If you buy a new car or go on a trip, talk to your kids about the ways you saved money to make that goal possible. 

Kids are naturally curious, so if your kids ask you questions about money, answer them. An open dialogue can help money seem like less of a taboo topic.

If your kid has a question about finances that you don’t know the answer to, don’t worry. There are plenty of resources to help, and as your credit union, we’re here for you. We offer educational resources and are happy to answer questions you may have. 

When your kids are old enough to understand finances at a deeper level, don’t hide your financial mistakes from them. Share what missteps you made — like if you wish you had saved up more money for your first house or education — so your kids can learn from you. They’ll gain valuable lessons from your willingness to share. 

PLAY GAMES THAT INVOLVE MONEY

Kids learn in many different ways, including through hands-on and visual learning. Playing games that involve money is an entertaining and engaging way for your kids to learn real-life lessons. 

There are games made with the goal of teaching kids about money, but games you may already have around the house can come in handy, too. Learning the basics about money can be as simple as playing in a toy kitchen with a toy cash register. Some of the classics like Monopoly, Monopoly Jr., or the Game of Life can also get children thinking about priorities when it comes to saving and spending.

TALK ABOUT WANTS VS. NEEDS 

Once your children have money, whether from receiving an allowance, holiday and birthday gifts, or jobs, they’ll have to decide how to spend it. Understanding wants compared to needs will allow them to make financial decisions. 

To a young child, everything they want may feel like a need. Your kids are watching and learning from your example, so be careful with your own language. Many of us are likely guilty of saying something like we “need” the latest seasonal drink from our favorite coffee shop, which can send the wrong message.  

Use everyday moments to talk about wants and needs. Before school in the morning, ask your kids what they need to bring with them. Acknowledge when they use the right word — yes, they do need a coat in frigid winter temperatures, for example, but don’t need their favorite toy. 

The grocery store is another place you can keep the conversation going. Talk out loud through the decisions you make as you shop. While food is a necessity, certain items, like sweet treats, aren’t. If your child is old enough to read, have them take a look at your grocery list or items in the aisles and ask them what is a want or a need. 

OPEN A SAVINGS ACCOUNT FOR YOUR CHILD 

Opening a youth savings account is a great way to put your money where your mouth is! 

Give your child a chance to see their savings grow and learn about how credit unions work. Savings accounts keep money safe and help kids control their spending. 

When you open your child a new savings account with us in the month of April, we’ll match the initial deposit up to $10. Stop in and see us at one of our convenient locations or to open an account today.