Teaching kids and teens about money
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Talking with kids about money is important. Even better: Talking with kids about money while you put those lessons into practice.
When it comes to teaching your kids about finances, here are some areas where the best approach is show and tell.
Build a budget
Budgets are a great place to begin because they open the discussion about income and expenses.
Spend, Save, Share
A helpful model for budgeting expenses is Spend, Save, Share.
- Spend 70% of your income on wants or needs
- Set aside 25% to save for the future
- Share 5% with a cause your child connects with
Caring for the well-being of others is an important life lesson that benefits the entire community — plus, it feels awfully good.
Once you’ve identified your breakdown of Spend, Save, Share, it’s time to input real items into your plan. Use your family’s monthly household budget as a template. You can simplify it according to your child’s level of understanding. This gives you the opportunity to talk about real-world expenses. (Pro tip: There’s nothing quite like a grocery store outing to teach about spending decisions and sticking to a budget.)
From a child’s allowance to that first job as a teenager, find opportunities for your kids to tie real expenses into their budget. Maybe they contribute a small amount, such as helping with a cell phone bill or gas for the car. This not only opens their eyes to potential sticker shock but helps them learn how money moves in and out of a budget.
Open savings and checking accounts
It’s never too early to familiarize your child with a tool they will likely use their entire life — a savings or checking account.
Numerica members ages 0-17 can take advantage of a Growth Savings account. Accounts can be opened with just $5, there is no minimum balance, and no monthly fees. Kids receive helpful financial literacy tools when they open an account, plus they earn dividends on the money they save! Because, really, what’s cooler than an earn-while-you-learn situation?
For kids ages 12-17, consider Numerica’s Growth Checking as well. This account teaches older kids healthy money management skills — complete with guardrails and parental controls.
Teach your teen with a debit card
A debit card can feel like a scary thing to hand to a teenager, but it’s an excellent way to help your teen learn how to track spending. Using a budget and the Mobile App*, you and your teen can track how much is spent on meals out or treating others. Shopping with your brain in neutral is a habit that can continue into adulthood. Now is the time to put good practices into gear to avoid that.
A debit card is easier to keep track of, and it’s less flashy than a fistful of cash. It can even be added to a phone for secure, contactless payments.
As a bonus, debit cards are protected from fraud and theft. If the card is misplaced, you can call your financial institution to have it suspended. Even better: You can freeze it any time using the Mobile App* or Online Banking. Numerica’s free real-time fraud monitoring service monitors your debit card and sends you a text if fraud is suspected.
One final thing to ease the mind of parents — alerts. You can set up account alerts to help monitor your teen’s account while still allowing them some financial freedom. Set up text or email alerts to keep an eye on transactions, withdrawal amounts, or low account balances.
Set SMART goals
Another idea that can be adapted to a child’s age is setting a simple spending goal, such as a new bike helmet, a video game, or concert tickets. This type of activity is key to illustrating the value of setting money aside for the future.
Use SMART goals to make sure the target is specific, measurable, attainable, relevant, and within a reasonable time frame.
Learn about loans
Is that SMART goal a bit of a reach — maybe a new bike or laptop? Consider introducing your kids to the Credit Union of Mom and Dad. Create a contract that shows payment dates and amounts, then sit down with your child to review the terms. Make sure everyone understands and agrees on repayment expectations, then provide ongoing guidance to ensure timely payments are made.
Find a great partner
Nothing beats teamwork when it comes to teaching kids about money. As your kids build a foundation toward a healthy financial future, we’re here to help! Keep the conversation going at your favorite Numerica branch.
*Here’s the legal stuff: Data and/or other wireless charges may apply. See carrier for specific rates and terms.
Kujifunza kuhusu pesa na watoto wako: Auto Loans, Home Loans, Money Talk, Money Tips, Numerica News, na Stories za hivi karibuni Hata bora zaidi, zungumza na watoto wako kuhusu pesa na ufanye mazoezi. Kwa kuwa unafundisha watoto wako kuhusu fedha, kuna njia kadhaa ambazo unaweza kuwa na uzoefu wa kuelezea. Bajeti ni mahali pazuri pa kuanza kwa sababu hufungua majadiliano juu ya mapato na gharama. Kutumia, Kuokoa, Kushiriki Mfano wenye kusaidia wa kupanga bajeti ya gharama ni Kutumia, Kuokoa, Kushiriki. """Tumia asilimia 70 ya mapato yako kwa mahitaji au mahitaji, weka 25% kando ili uhifadhi kwa siku zijazo, shiriki asilimia 5 na sababu ambayo mtoto wako anaunganisha, kujali ustawi wa wengine ni somo muhimu la maisha ambalo linafaidi jamii nzima, na pia inahisi vizuri sana.""" Mara baada ya kutambua kuvunjika yako ya Matumizi, Kuokoa, Kushiriki, ni wakati wa pembejeo vitu halisi katika mpango wako. Tumia bajeti ya kila mwezi ya familia yako kuwa kiolezo. Unaweza kuifanya iwe rahisi kulingana na kiwango cha uelewa wa mtoto wako. Hii inakupa fursa ya kuzungumza juu ya gharama za ulimwengu halisi. (Pro ncha: Hakuna kitu kabisa kama duka la vyakula kutembea kufundisha kuhusu maamuzi ya matumizi na kushikamana na bajeti.) Kuanzia kwa pesa za ziada za mtoto hadi kazi ya kwanza kama kijana, tafuta fursa kwa watoto wako kuunganisha gharama halisi katika bajeti yao. Labda wao huchangia kiasi kidogo, kama vile kusaidia na muswada wa simu ya mkononi au gesi kwa ajili ya gari. Hii sio tu inafungua macho yao kwa mshtuko wa kiboreshaji cha uwezekano lakini pia huwasaidia kujifunza jinsi pesa zinavyoingia na kutoka kwa bajeti. Kufungua akiba na akaunti za kuangalia Ni kamwe mapema mno kufahamiana mtoto wako na chombo wao pengine kutumia maisha yao yote <unk> akiba au akaunti ya kuangalia. Wanachama wa Numerica wenye umri wa miaka 0-17 wanaweza kutumia akaunti ya Uokoaji wa Ukuaji. Akaunti zinaweza kufunguliwa kwa $ 5 tu, hakuna usawa wa chini, na hakuna ada ya kila mwezi. Watoto hupokea vifaa muhimu vya elimu ya kifedha wanapofungua akaunti, na pia wanapata faida kutokana na pesa wanaopunguza! Kwa sababu, kweli, nini ni baridi zaidi kuliko kupata-wakati-wewe-kujifunza hali? Kwa watoto wenye umri wa miaka 12-17 na watoto wenye umri wa miaka 12-17, Numerica ni njia ya kukabiliana na matatizo ya ukuaji. Akaunti hii inafundisha watoto wakubwa ujuzi mzuri wa usimamizi wa pesa - kamili na vizuizi na udhibiti wa wazazi. Kutoa kadi ya debit kwa kijana wako inaweza kuwa ya kutisha, lakini ni njia nzuri ya kumsaidia kujifunza jinsi ya kufuatilia matumizi. Kwa kutumia bajeti na programu ya simu ya mkononi, wewe na kijana wako mnaweza kufuatilia kiasi cha pesa kinachotumiwa kwa ajili ya chakula au kuwatendea wengine. Ununuzi na ubongo wako katika neutral ni tabia ambayo inaweza kuendelea katika utu mzima. Sasa ni wakati wa kuweka mazoea mazuri katika gear ili kuepuka hilo. Kadi ya malipo ni rahisi kufuatilia, na ni chini ya flashy kuliko fistful ya fedha taslimu. Inaweza hata kuongezwa kwenye simu kwa ajili ya malipo salama, yasiyo ya kuwasiliana. Kwa kuongezea, kadi za malipo zinalindwa dhidi ya udanganyifu na wizi. Ikiwa kadi imepoteza mahali pake, unaweza kupiga simu kwa taasisi yako ya kifedha ili izuiliwe. Kwa kuongezea, unaweza kuifunga wakati wowote kwa kutumia App ya Simu ya Mkono au Benki ya Mtandao. Numerica's bure wakati halisi udanganyifu ufuatiliaji huduma hufuatilia kadi yako ya debit na anatuma ujumbe wa maandishi kama udanganyifu ni tuhuma. Jambo moja la mwisho ili kupunguza akili ya wazazi <unk> tahadhari. Unaweza kuanzisha tahadhari za akaunti ili kusaidia kufuatilia akaunti ya kijana wako wakati bado ukiwawezesha uhuru fulani wa kifedha. Weka taarifa za maandishi au barua pepe ili uangalie shughuli, kiasi cha kuondoa, au usawa wa akaunti ya chini. Weka malengo ya akili: Weka malengo ya akili ya mtoto wako, kama vile kununua kofia mpya ya baiskeli, mchezo wa video, au tiketi za maonyesho. Aina hii ya utendaji ni muhimu ili kuonyesha thamani ya kuweka pesa kando kwa ajili ya wakati ujao. Tumia malengo ya SMART kuhakikisha lengo ni maalum, inaweza kupimwa, kupatikana, muhimu, na ndani ya muda wa busara. Je, lengo hilo la SMART ni kidogo ya kufikia <unk> labda baiskeli mpya au kompyuta ndogo? Fikiria kuwajulisha watoto wako Shirika la Mikopo la Mama na Baba. Fanya mkataba ambao unaonyesha tarehe na kiasi cha malipo, kisha uketi chini na mtoto wako kukagua masharti. Hakikisha kila mtu anaelewa na kukubaliana juu ya matarajio ya malipo, kisha utoe mwongozo wa kuendelea ili kuhakikisha malipo yanafanywa kwa wakati. Tafuta mwenzi mzuri Hakuna kitu kinachoshinda kazi ya timu linapokuja suala la kuwafundisha watoto kuhusu pesa. Wakati watoto wako wanajenga msingi kuelekea siku zijazo za kifedha zenye afya, tuko hapa kusaidia! Endelea mazungumzo katika tawi lako la Numerica unalopenda. *Hii ni mambo ya kisheria: Data na / au malipo mengine ya wireless yanaweza kutumika. Angalia carrier kwa viwango maalum na masharti.