Smart Money Habits for Kids.

Helping Kids Learn Money Skills

Teaching Kids About Money.

As parents, we want our children to grow up with good financial habits. Teaching kids about money from an early age helps them build a strong foundation for saving, spending wisely, and making smart financial choices.

At OnPath Credit Union, we believe financial literacy starts young! Here are some fun, age-appropriate money lessons to help your child develop smart money habits:

Ages 3-5: Early Money Awareness
  • Recognize coins and bills, understanding their different values.
  • Start practicing saving by using a piggy bank.
  • Understand the difference between wants vs. needs (toys vs. food).

How to Teach Your Kids Smart Money Habits

Teaching financial responsibility early helps kids develop lifelong money skills! Start small but be consistent! Kids learn money habits best through real-life experiences and hands-on practice.

Introduce the "Save, Spend, Give" System

Give them three jars or envelopes:

  • Save
    • Long-term goal (i.e. bicycle)
  • Spend
    • Small purchases (i.e. candy)
  • Give
    • Charity, gifts for others
Teach Wants vs. Needs

When shopping, ask:

  • “Do we need this (food, clothes) or just want it (toys, candy)?”
  • Use a side-by-side visual to show the difference.
Let Them Earn Their Own Money

Offer paid chores beyond regular responsibilities:

  • Washing the car ($5)
  • Helping with yard work ($3)
  • Pet sitting ($10)
Teach Smart Spending & Comparison Shopping
  • Show them how to compare prices
  • Explain sales tax and why the total is more than the price tag
  • Teach them to wait 24 hours before buying big items (to avoid impulse purchases!)
Make Saving Fun & Reward Good Habits
  • Set a goal tracker (e.g., sticker chart for savings progress).
  • Offer a parent match ($1 for every $5 saved).
  • Celebrate when they reach a goal (but not with spending!).
Be a Money Role Model
  • Talk about how you budget at home.
  • Show them how you save for big purchases.
  • Let them watch you pay bills & plan expenses.

Savings Accounts for Teens

Smart Saving Starts Young

Give your teen a head start with a savings account designed for ages 13-17. Teach smart money habits and watch their savings grow!