We all hope our children will grow into financially responsible adults. By introducing personal finance early in life, we provide a better chance for our kids to become financially successful later in life. However, most parents do not feel qualified to talk to kids about money. Not to worry, teaching your kids about money doesn’t have to be scary! We’ve put together a few easy ways to open up communication about finances between you and your children.
- Use Cash for Purchases
Kids learn best by observing and doing. Let your children hold the money and get the change. Sit down with them after a purchase to go over what is left.
- Find Online Resources to Help Teach
There are lots of fun online games and teaching tools specifically geared towards kids and finance. A couple great places to start are Money As You Grow and Kids.gov.
- Help Kids Manage Their Own Money
Get them a piggy bank—many experts advise to get a clear bank or use something like a mason jar so they can actually SEE their money growing, or draining. Open up their own Idaho Central Youth Savings Account and teach them how to access this online. At Idaho Central along with great rates and other benefits, kids are eligible for rewards for good grades and savings!
- Be a Good Example
Did you know that someone is watching and listening to you? Little eyes are watching and little ears are always listening in on what their parents are doing. If you are stressed about money at the end of each month, or charging things that you really can’t afford, your kids will eventually pick up on it. Set a good example for your kids and they’ll learn to be financially responsible.
Beginning the regular savings habit early is one of the keys to financial success. That’s why ICCU offers multiple accounts that grow as your child grows! Check out THIS PAGE for more information on the account that would be best for your kids.
