Be a Financially Fit Parent

According to experts, very few children learn about managing money in school. Your children model their financial behavior after you at a young age and your influence continues through the teen years. As your kids get older, involve them in household finances and what life basics cost.  

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Prepare your child to be money smart with these tips:

Kid with bank

KIDS

  • Play with money. Use coins and paper money to “buy and sell” toys and treats around the house.
  • Get a clear piggy bank. Show how savings grow.
  • Set an allowance. Save some, spend some.
  • Open a savings account. When the piggy bank overflows, it’s time.

tweens helping with shopping

TWEENS

  • Set pay for household tasks. Whether you decide on a rate per task or rate per hour, tie allowances to achievement.
  • Make lists. Ask your tween to make their “shopping list” for everyday items and share the receipt with them.
  • Pay their way. A device, game or app that’s worth owning is worth saving toward.

teen helping mow lawn

TEENS

  • Create a challenge. Promise to match funds for savings goal with a due date.
  • Encourage a part-time job. Nothing matches real-world experience for financial learning.
  • Open a checking account. Managing debit card purchases sets the stage for managing a credit card.

college bound

COLLEGE-BOUND

  • Budget expenses. Independence means balancing sources of income and spending. Online tools can help.
  • Encourage online and mobile banking. Build habits like paying bills, making account transfers and reviewing transaction history.
  • Apply for a credit card. Your teen will learn how behavior impacts credit score in real time.