 {"id":16603,"date":"2025-01-14T18:29:11","date_gmt":"2025-01-14T18:29:11","guid":{"rendered":"https:\/\/coastccu1dev.wpenginepowered.com\/?p=16603"},"modified":"2025-01-15T18:46:49","modified_gmt":"2025-01-15T18:46:49","slug":"six-ways-teach-kids-money-management","status":"publish","type":"post","link":"https:\/\/www.coastccu.org\/six-ways-teach-kids-money-management\/","title":{"rendered":"Six Ways to Teach Kids about Money Management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Everyone knows how important it is to teach kids about money, but sitting them down for a lecture isn\u2019t the best way! They learn money skills best through hands-on activities and real-life experiences. Here are six ways to provide financial education for the children and teens in your life.<\/span><b><\/b><\/p>\n<p><b>1. Make money talk part of everyday life.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Talking about money doesn\u2019t need to be stressful or awkward. Share your financial habits and attitudes naturally in everyday conversations. For example:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cWe\u2019re saving $50 a week for our family vacation.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cLet\u2019s compare prices before we choose a new washing machine.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cI\u2019m planning our grocery list to stay within our budget.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cOur family gives money each month to our church\/charity.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cWhile you\u2019re doing your homework, I\u2019ll pay some bills.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cI wish I hadn\u2019t bought X because it wasn\u2019t worth the money.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cI really want to buy X, but I\u2019m going to think about it for a few days.\u201d<\/span><\/li>\n<\/ul>\n<p><b>2. Give your children a regular allowance.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A steady allowance teaches kids how to plan, save, and spend wisely. Starting as early as kindergarten, give your children a regular cash allowance. Avoid tying the allowance to rewards or punishments, which could teach them they should only do chores, behave well, or study when they are paid for it. However, you can encourage their entrepreneurial spirit by offering extra jobs to earn money, separate from their regular chores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As they grow older, increase their allowance based on their age and responsibilities. For example, teens can receive a larger amount to manage expenses like buying their own clothes or contributing to their phone bill.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of your child\u2019s age, provide an allowance you can consistently afford within your budget.<\/span><\/p>\n<p><b>3. Teach kids money management in age-appropriate ways.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Help your kids manage money from an early age! A simple way to begin is to give them three containers\u2014one for spending, one for saving, and one for sharing. The United States Mint\u2019s <\/span><a href=\"https:\/\/kids.usmint.gov\/resources\/coin-activities\/spend-save-share\"><span style=\"font-weight: 400;\">Spend, Save, or Share<\/span><\/a><span style=\"font-weight: 400;\"> has good ideas for this system. Whenever your kids get their allowance (or birthday money), you can work with them to decide:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much money to put in each jar<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What they want to save for, both short-term and long-term<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The difference between needing something and wanting something<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Of course, their ability to handle their finances will mature as they grow. Teens may want to use a simple spreadsheet or a budgeting app to track their spending and savings. To prepare them for bigger responsibilities, consider giving them a prepaid debit card to practice managing money before they\u2019re ready for a credit card.<\/span><\/p>\n<p><b>4. Discover how much they already know.<\/b><\/p>\n<p><b><\/b><span style=\"font-weight: 400;\">Introduce your kids to the <\/span><a href=\"https:\/\/www.consumerfinance.gov\/consumer-tools\/educator-tools\/youth-financial-education\/assess\/survey\/\"><span style=\"font-weight: 400;\">Map Your Money Journey<\/span><\/a><span style=\"font-weight: 400;\"> survey from the Consumer Financial Protection Bureau. The survey helps children and teens understand their money strengths and learn about areas where they can grow. There are three surveys to choose from: elementary school, middle school, and high school. These surveys focus on three key areas: planning and self-control, money habits and values, and money knowledge and choices. These tools can be an excellent starting point for meaningful conversations about money.<\/span><\/p>\n<p><b>5. Make learning about money fun.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Kids learn best when they\u2019re having fun!<\/span> <span style=\"font-weight: 400;\">Coast Central\u2019s Practical Money Skills program offers games and activities for <\/span><a href=\"https:\/\/www.coastccu.org\/financial-education\/for-kids\/\"><span style=\"font-weight: 400;\">children<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.coastccu.org\/financial-education\/for-teens\/\"><span style=\"font-weight: 400;\">teens<\/span><\/a><span style=\"font-weight: 400;\">, such as Peter Pig\u2019s Money Counter (for ages 5-8) and the immersive online game The Payoff (for ages 14 and older). Practical Money Skills also includes an award-winning financial curriculum for educators and parents.\u00a0<\/span><\/p>\n<p><b>6. Open savings accounts for them.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Another really practical way to teach kids about money is to get them a savings account. Not only will it make them feel grown up, but they\u2019ll also learn how financial accounts work\u2014including the power of compound interest to grow their money over time.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For Kids 12 and under: Sign them up for a <\/span><a href=\"https:\/\/www.coastccu.org\/financial-education\/for-kids\/\"><span style=\"font-weight: 400;\">Kirby Kangaroo Club<\/span><\/a><span style=\"font-weight: 400;\"> membership at Coast Central Credit Union. You can open their account for just $5! As they grow, Kirby can help you teach them about financial responsibility. Each Kirby membership kit comes with a Savings Passbook for tracking deposits and withdrawals, along with some fun gifts.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For Teens 13-17: With Coast Central\u2019s <\/span><a href=\"https:\/\/www.coastccu.org\/financial-education\/for-teens\/\"><span style=\"font-weight: 400;\">Green Teen$<\/span><\/a><span style=\"font-weight: 400;\"> savings program, your teen can open a Youth Savings Account with just $5 and receive cool gifts and a Deposit Card. When they make at least a $5 deposit, they will receive a stamp. After ten deposits, the card turns into an entry for quarterly prize drawings. The more they save, the more opportunities they have to win!<\/span><\/li>\n<\/ul>\n<p><b>Discover the benefits of Coast Central membership for the whole family.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Teaching kids money management is one of the greatest gifts you can give them, laying the foundation for a lifetime of financial success. At Coast Central Credit Union, we\u2019re here to support you and your family every step of the way. Discover how membership can help you make the most of your money and <a href=\"https:\/\/www.coastccu.org\/financial-wellness\/\" target=\"_blank\" rel=\"noopener\">build a brighter future<\/a> together:\u00a0<\/span><a href=\"https:\/\/www.coastccu.org\/\"><span style=\"font-weight: 400;\">coastccu.org<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Coast Central\u2014Where YOU are Central.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone knows how important it is to teach kids about money, but sitting them down for a lecture isn\u2019t the best way! They learn money skills best through hands-on activities and real-life experiences. Here are six ways to provide financial &hellip;<\/p>\n","protected":false},"author":21,"featured_media":16606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-16603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-education-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Six Ways to Teach Kids about Money Management - Coast Central Credit Union<\/title>\n<meta name=\"description\" content=\"It is important to teach kids about money, but sitting them down for a lecture isn\u2019t the best way!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.coastccu.org\/six-ways-teach-kids-money-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Six Ways to Teach Kids about Money Management - 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