5 Money Milestones to Help Your Kids Achieve

At 3Rivers, we have a lot of conversations with students and emerging adults. Often, we hear young people talk about how they wish they’d had more opportunities to talk about money with their families—to learn values, see processes, and get a handle on finances—before they stepped into managing money on their own.

Parents: you’re the first financial advisors your children will ever have! Guiding them through their initial financial milestones isn't just about setting them up for a stable future, it's about instilling values and skills that will serve them throughout their lives. Here's a look at five key financial markers your child might hit before they finish elementary school.

Milestone 1: Introducing Them to Their First Piggy Bank

The piggy bank is where it all begins. It's a child's first step into the world of saving, and it's more than just a cute decoration. Around the age of three or four, when your child first starts to understand the concept of counting and money, it’s time to introduce them to a piggy bank. This is a great opportunity to start conversations about saving and the value of money. Make it a fun activity by letting them choose their piggy bank and celebrate each deposit they make, no matter how small!

Pssst! We treat kiddos to a piggy bank when their parents open their CUB accounts in our branches. And you may also spot us giving away free, customizable piggy banks at area events!

Milestone 2: Teaching Them About Pay with an Allowance

An allowance is a child's first taste of earning potential. By linking chores to an allowance, children learn the value of work and the satisfaction of earning. Some families choose to provide an allowance without conditions, and other families require chores to be done before “pay day.” Experts find that both approaches are beneficial, but only as long as they’re paired with conversations on a budget for that payout. Allow children to decide how they'll spend, save, or share their earnings, with your guidance. This encourages decision-making and prioritizing wants and needs.

Milestone 3: Opening Their First Savings Account

Opening a savings account for your child is a significant step up from the piggy bank. It's an excellent way to introduce them to the banking system. Consider bringing your child into your local 3Rivers branch to open their own savings account, or if you’ve already opened one for them, to make deposits and withdrawals. 3Rivers offers accounts specifically designed for young savers, with higher interest rates and payouts for good grades. This milestone is an opportunity to discuss interest, the importance of saving for the future, and how financial institutions operate. Plus, it makes them feel grown-up and responsible—a big win in the eyes of a child. (And, most of the time, we have candy! )

Milestone 4: Helping Them Budget for a Big Purchase

Whether it's a new bike, a video game, or a set of books, saving for a significant purchase is a major milestone. It teaches kids about goal setting, patience, and the satisfaction of earning something they truly want. Help your child create a simple savings plan, breaking down how much they need to save each week or month. This milestone lays the groundwork for future budgeting skills and financial planning. Research has consistently shown that children who are able to delay gratitude (saying “no” to something pleasant today, in exchange for something more pleasant in the future) tend to have healthier finances in adulthood, in addition to a variety of other non-financial skills.

Milestone 5: Teaching Them About Charitable Giving

Learning about charity and giving back is an essential financial milestone that teaches empathy, gratitude, and social responsibility. Encourage your child to set aside a small portion of their allowance or savings for a cause they care about. This could be anything from donating to a local animal shelter to supporting a global charity. It's a powerful lesson in understanding the impact of money beyond personal gain and the importance of helping others. 3Rivers even embraces this mindset with our team—we have an annual Give-Back Day, where all team members are encouraged to volunteer with community organizations! Pairing your child’s give-back with the question, “Which is more valuable to give, your time or your money?” is a great start to this others-focused conversation.

Navigating these financial milestones with your child can be an incredibly rewarding journey. It's about more than just numbers; it's about shaping a future adult who is financially sharp, responsible, and compassionate. So, dive into these milestones with enthusiasm and creativity, and watch your child's financial understanding and confidence grow by leaps and bounds.

As always, our team is happy to support you and your family in all your financial journeys! Stop into your nearest 3Rivers branch today!