Helping raise money savvy kids
The Credit Union National Association (CUNA) suggests the following financial education practices your family can incorporate to learn more about the importance of saving.
Younger Than Age 5
- Use a coin saver (a cardboard folder with round slots, usually the size of a quarter or a dime) to help kids identify coins and count money
- Give your kids small change to spend when going to the store
Ages 5 to 10
- Give them a weekly allowance. If children know that they’ll regularly get a set amount of money, it will make it easier for them to learn how to save
- Let your kids save for, and buy, something that they really want
- Suggest that your child portion their allowance into three different jars labeled “Spend”, “Save”, and “Share”
- Once your child builds up their “Save” money, bring them to the credit union to open a Savings Account if they don’t already have one
- Give your children the opportunity to earn extra money by doing jobs that are not a part of their regular chores such as washing the car or raking leaves
Pre-teens & Teenagers
Ages 11 to 14
- Take your kids to the store with you to help them understand what things cost and how to shop smart. Let them help compare prices and product quality
- Encourage them to do odd jobs such as babysitting, yard work, or pet care
- Encourage your children to use their own money for non-necessities
Ages 15 to 18
- Discuss saving for long term goals—such as education and cars—and devise a plan
- Consider giving teens a seasonal clothing allowance, in addition to their weekly allowance
- Help your teens to open a Checking Account
- Encourage financially responsible teens to use a debit card with their Checking Account
Opening a Stork Club Account
Establish proactive financial habits for your child and a savings account that they can use for a lifetime.