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.
![Little Asian girl in cream suit smiles triumphantly at table with piggy bank and coins.](https://yefcu.org/wp-content/uploads/2024/04/Just-For-Kids-Block--640x427.jpg)
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
![Child making a coin stack on table.](https://yefcu.org/wp-content/uploads/2024/04/Just-For-Kids-CTA--640x427.jpg)
Opening a Stork Club Account
Establish proactive financial habits for your child and a savings account that they can use for a lifetime.