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Be a financially fit parent.
Research consistently shows that most children do not learn money management in school. From a young age, children model their financial behavior after their parents, and that influence carries well into the teen years. As your kids grow, involving them in household finances and helping them understand what real-life costs are is one of the most valuable things you can do for their future.
Use the tips below to guide each stage of your child’s financial education.
Kids.
Teach young children about money in fun, hands-on ways. Use coins and paper money to play “buy and sell” with toys and treats around the house, and opt for a clear piggy bank so they can watch their savings grow. A simple allowance gives them early practice deciding what to save and what to spend. When the piggy bank gets full, it is a natural moment to open their first savings account.
Tweens.
Help tweens build real money skills by connecting earnings to effort — paying for household tasks by the task or by the hour. Have them make shopping lists and review receipts together to understand what things actually cost. When they want a device, game, or app, use it as a teaching moment: set a savings goal, track progress, and let them experience the satisfaction of earning something meaningful.
Teens.
Give teens real-world financial experience. Create a savings challenge by matching their contributions toward a goal with a target date. Encourage a part-time job to build independence and money habits simultaneously. When the time is right, opening a checking account and learning to manage a debit card is a key step toward using credit responsibly as an adult.
College-Bound.
Set your college-bound adult up for financial independence before they leave home. Teach them to build a budget by tracking income and expenses using online tools or mobile banking. Encourage them to use the FireFirstCU mobile app for paying bills, transferring funds, and monitoring their accounts. A credit card used responsibly can also help them begin building a credit history early, so their FICO® Score is in good shape when they need it most.