Tips for teaching your child about money

Check out these five tips for teaching your child about money.

Talk about money

If you want your children to have a healthy understanding of money, the most important thing you can do is talk to them about it. Discuss the difference between wants and needs, and prioritizing spending. Talk as a family about your own budget and savings goals. Even sharing past mistakes you have made and what you learned from them can make a positive impact and help them avoid making the same mistakes.

Offer opportunities to earn

Providing an allowance based on chores develops your child’s work ethic and allows them to learn how to manage and save their own money.

Encourage savings goals

Help your kids determine attainable goals to get them in the habit of saving for the things that are most important to them. Nothing reinforces the lesson of want versus need more than having to use your own hard-earned money for purchases.

Provide a place to save

A piggy bank might work fine for younger children but opening a bank account – even at an early age – can help them better understand how banks work and set them up for future success. Our bank has accounts specifically for kids that help make saving fun. Teens and young adults benefit from having a debit card and learning to manage their accounts. Tech-savvy teens love using our convenient mobile app to check balances, transfer funds, and more.

Set a good example

How you budget and spend will have a big impact on how your kids view money. Set a budget and stick to it. Save up for larger purchases and discuss the importance of prioritizing spending. They likely see you use a credit card, so make sure they also see you paying the bill and explain how credit and loans work.