How to Teach Your Children Good Money Habits From a Young Age | Cleveland Bradley County Teachers Federal Credit Union

Money plays a major role in everyone’s lives in both major and minor ways. From life’s big decisions like what job you accept to the seemingly smaller ones like where you get your groceries, money plays a big factor in everything a person does in the world.

While this is something that children do not necessarily understand the scope of at a young age, parents can help set them up for success by building good habits from the beginning.

While figuring out how to talk about money in a way that is not overwhelming for a child may seem tough, it is also very necessary. More than half of parents surveyed said they miss opportunities to educate their children about money matters, and in the long run, this can lead to bad habits moving in before good ones have a chance to take hold.

Even young children can learn about finances when the messaging is right, so here are some great tips to ensure you are teaching them well.

How to Teach Babies and Toddlers About Money

Though babies and toddlers are young, they are learning skills that will serve them for the rest of their lives. Teaching them about money with bright colors and fun sounds, such as with a musical piggy bank, is a great way to show them that making deposits are fun.

How to Teach Elementary-Aged Kids About Money

In early elementary school, many children will enjoy toy cash registers and playing store with their parents and their peers. This is a great time to show them that every transaction has a price and budgets are important.

This is also the age when many parents start to provide an allowance for chores.

How to Teach Preteens and Teens About Money

As children become more independent, they can also learn more about how money works and how far each dollar goes. Kids at this age may be ready to try out solo shopping with a set budget, or working with their parents to understand how the household expenses work.

If you are hoping to teach kids about money, we can help! We offer many types of accounts that are perfect for young children getting started with good money habits. Contact us today!