Kids and Money

It’s never too early to start teaching kids the “money” facts of life.

April 24th is Teach Children to Save Day!

Being a parent can be a tad overwhelming at times. But taking just a few minutes every day, you can foster solid money management skills in your children. Consider routine activities as teaching moments, such as grocery shopping, visiting the credit union, paying bills or comparing prices online. No matter your kids’ ages, anytime can be a teaching opportunity. A few ideas:


Introduce simple money facts. A point easily relatable to kids is the concept of trading. For example, explain how pioneers used bartering to pay for goods and services. Teach how to identify different denominations of coins and bills. And try giving your child a small amount of money for a shopping trip. Teach them how to set a budget and work with the amount of money they have to spend.


Money traits continue to emerge, making it an ideal age to hone skills, like comparison shopping or budget development. Encourage your child to craft a weekly spending plan. Perhaps do it together with the family’s overall budget. Have your child track what they spend and earn weekly with a budget diary. Seeing it in writing helps to underscore spending habits and to set goals.


Goals become plausible and attainable as kids reach school-age. Try setting a monthly savings goal with your child. If you decide upon an allowance, teach your child to pay themselves first – to make a deposit regularly into their savings account. Kids at this age also love being part of their parents’ daily activities. Bring them into the credit union to see how to make deposits or use the coin-counting machine.


As kids mature, so do their spending habits. In fact, some research sites estimate that the U.S. teen market has over $200 billion in annual spending power. As they spend more, reiterate the value of money and consequences of over-spending. Try different learning opportunities. For example, have your teen research a large family purchase – perhaps a car, home improvement or vacation. Or show how you pay bills online and how quickly money can go. It’s also good timing to explain borrowing and credit building and the benefits of a checking account or debit card.

Source: GreenPath Financial Wellness (

Recommended Reading

There are many popular books for children (and their parents) about managing money. Recommended for kids age 9 and up is “How to Start Your Very First Business,” by Warren Buffett. The book offers resources for young entrepreneurs, including worksheets, web tools and ideas for startups. It also explains risk-taking, the value of honesty and other traits of successful small business owners.

An excellent read for parents, “Make Your Kid a Money Genius (Even if You’re Not),” by Beth Kobliner, explains how parents are top influencers on their kids’ financial behaviors. The way you handle money and make financial decisions are indicative of how your children will behave with their own future choices.

If you have college-age kids, “O.M.G. Official Money Guide for College Students,” written by Susan Beacham and Michael Beacham with their daughter Allison, will hit home. In plain-speaking language, the book offers advice on real-life (and sometimes complicated) money skills. It addresses fighting identity theft, comparing financial institutions, repaying student loans, reducing college expenses, drafting a successful budget and more.

Source: The Financial Review (

At KALSEE, we love children and realize the importance of helping them learn money management skills.

“It’s about instilling principles at an early age that your child can build upon,” adds KALSEE Credit Union CEO, Matthew Lahman. “By teaching kids about money and how to save, not only do we give them a head start in life, but also lay the groundwork for their continued success.”

Try one of our free online financial literacy classes.

At KALSEE, we offer many resources to enhance and build on our members’ financial literacy – including online courses. Fun and informative, they cover a variety of topics:

  • Earning income
  • Buying goods and services
  • Saving
  • Using credit
  • Borrowing
  • Investing
  • And more!

You can subscribe at or

Free online money classes! It’s a Money Thing Academy

Open a KALSEE account.

A Kids Club Account from KALSEE will teach your child the value of saving wisely. For younger kids, we make saving money fun and rewarding with various activities. For teens (age 13 or older), we recommend a youth checking account with debit / ATM card. Together, we can teach your child how to save, make transactions, track balances and reach financial goals.

KALSEE Youth Accounts

It’s Teach Children to Save Day, but why not make instilling good financial habits a priority every day?

2018-04-23T14:42:50-04:00April 23rd, 2018|