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5 Ways to Teach Your Children About Money

Financial literacy is a lifelong journey, and the best time to start is often at the kitchen table. At SharePoint Credit Union, we believe that teaching children about money isn’t just about math; it’s about building confidence and independence for their future.

Helping your kids understand how to earn, save, and spend wisely doesn't have to feel like a chore. Here are a few neighborly tips to help your family navigate the world of finance together.

1. Start with the "Three Jars" Method

For younger children, money can feel abstract. Using clear jars helps make the concept of "growing" money visual and exciting. Label three jars:

• Spend: For small, immediate treats like a candy bar or a sticker.

• Save: For bigger goals, like a new Lego set or a video game.

• Give: To help others, whether it’s a local food shelf or a neighbor in need.

This simple system introduces the idea of budgeting and helps children realize that once the "Spend" jar is empty, they have to wait for more "income" or tap into their long-term goals.

2. Make Grocery Shopping a Game

The grocery store is a great real-world classroom. Give your child a small budget (e.g., $5) and a mission: find the best value for a specific item, like a box of cereal or a bag of apples.

• Compare Prices: Show them how to look at the price per ounce.

• Wants vs. Needs: Discuss why we buy milk (a need) before buying fancy cookies (a want).

3. The Power of "Earning"

Whether it’s a weekly allowance or payment for extra chores around the house, giving children a way to earn money teaches the connection between effort and reward. It helps them understand that money is a finite resource that comes from hard work.

4. Set "Big" Goals Together

If your teen is eyeing a new pair of sneakers or a bike, help them create a savings plan. Calculate how much they need to put aside each week to reach their goal by a certain date.

Pro Tip: You might even offer a "Parental Match." For every dollar they save toward their goal, you contribute 50 cents. This is a great way to introduce the concept of interest and incentives!

5. Open Their First Savings Account

There is a special sense of pride that comes with having a "real" bank account. Bringing your child into a branch to open their own savings account is a major milestone. It allows them to:

• See their balance grow on a statement.

• Learn about how credit unions keep their money safe.

• Feel like a member of the financial community.

We’re Here to Help!

At SharePoint Credit Union, we love seeing our younger members take their first steps toward financial success. Whether you’re looking for advice on youth accounts or just want to grab a few tips on how to talk to your kids about APR and APY, our team is always here to help.

Stop by a branch today and let’s help your family start a "savings" tradition!