Although every family is different, they often have similar questions about how to teach their children about money. It’s never too early for kids to start learning and building a foundation for future financial success. Here are tips for bringing money education into your family’s everyday life.
Have the conversation
- Be open and transparent about money. Parents don’t have to get too detailed, especially with younger kids. Good starting points are talking to kids about your family’s money goals, like saving for college, and sharing how you regularly budget for things like groceries, utilities, or family activities.
- Talk about money regularly. Look for everyday teaching opportunities, including when you’re checking prices at the grocery store or when you’re paying bills. If your children are in their teens, you could also show them the ropes for making online payments.
- Take advantage of educational resources. To get the conversation going with your family, MSGCU offers many free tools you can utilize. From blogs and videos to workshops, these resources share expert guidance from MSGCU to help your family grow their financial knowledge.
- Attend a financial education session. For teens ages 16+ and their parents, we provide the Getting Started with Cash and Credit Workshop. Our experts share age-appropriate tips for using checking and lending products to ensure teens start their financial journey on the right foot. After the session, qualified teens can open a checking account and apply for a low-interest, low-limit credit card to learn responsible spending. View our upcoming sessions and register to attend.
Get your kids started with money
- Start with a goal. Saving money just to have it is a hard concept for kids to get excited about. Set an age-appropriate savings goal with your children, like saving for a new toy or game, tickets to a sporting event or amusement park, or the cost for a special summer camp or activity.
- Open a savings account. Bring them to a credit union or bank to open a savings account, if they don’t have one already. Start them off with a small deposit and take them in regularly to make deposits when they earn money or receive cash gifts. MSGCU offers youth savings accounts, including Save-A-Lot Squad for members under 12 and MyMoney.Club for members ages 13-17. Our Youth Flex CD is also a great savings option for members 17 and under. Young members can build their balance with 4.00% APY* and unlimited deposits, and enjoy the freedom of two penalty-free withdrawals each term.
- Provide hands-on learning. To give kids and teens a safe and interactive way to practice what they’re learning, MSGCU also offers our members the Greenlight app and debit card for free. The debit card, funded by a parent’s MSGCU checking account, allows kids to practice responsible spending and the app gives parents the ability to set limits, pay allowances, and more. The app also offers Level Up™, a financial literacy game that makes money concepts easy to understand and fun to learn. For older kids and young adults who are ready to start managing their finances, MSGCU’s Achieve Student Debit Account is a great starting point for ages 16 - 23.
Connect with MSGCU for help
We understand that teaching your children about money can feel overwhelming! We are always here to help with any questions from parents or families. Stop in, chat or video bank online, or make an appointment at any of our convenient 24 branch offices to talk with our team.
Category: Finance
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