3 Ways to Involve Your Kids in Your Finances & Help Them Learn About Money

Our mission at 3Rivers is “helping people understand money matters every day.” And we mean that for every age and life stage. When it comes to kids, we recognize parents and guardians are the biggest teachers in their lives and strive to help you help them!

The absolute best thing you can do for your children in the realm of financial wellness is to include them in your financial life and let them have some hands-on experience. You don’t have to be perfect! You just need to show them what you’re doing and offer some explanation and guidance along the way.

Here are three easy ways to start doing just that, with kids of any age:

• Bring them to the credit union.

  Younger kids can help make deposits, withdrawals, and payments. Plus, at 3Rivers, elementary aged children can take part in our Pays for A’s program! Older kids and teens can ask service representatives specific money questions about their situation (like how much interest their savings account is earning or how they can reach a specific savings goal) in order to get comfortable talking about money in a real banking environment.

• Let them have an active part in your regular shopping.

  Discuss what you’ll buy before going inside, and as you shop, look at and compare prices together, keeping track of your total spending. Use it as an opportunity to distinguish “needs” from “wants” and involve them in making choices between items when necessary. When you get to checkout, help younger kids count change and hand money over, or have them put your card into the machine. Send older kids and teens on missions to find specific items and ask them to keep a running tab of the grocery bill while you shop. Looking at prices really does help kids learn the value of money!

• Include them in the bill-paying process.

  Let them help with writing checks or paying bills electronically. Not only do they see how much the electric bill is and how it actually gets paid, but it helps kids realize that their choices make a difference. Ask questions like, “What can we do to save money on the electric bill this month?” And if your kids follow through with the plan, give them a cut of the savings. Turning off the lights makes a difference!

If you’re already including your kids in your money matters and are looking for ways to expand their learning, we’d love to help! Check out our blog for more articles on family finances, college preparedness, and helping your kids learn about money.

We also invite you to send our Youth & College Support Team an email for customized information and ideas for your family.