The Money Talk with Kids

National Credit Union Youth Month is here, keeping your kids educated about saving and spending money is crucial for their financial success. Are you looking for ideas to start the money talk? We’ve got some conversation starters for you!

Saving Smart

For the responsible adult who thinks about being prepared for the future, savings are a fixed expense that is built into the monthly budget just like car payments and insurance. For most people, though, this habit does not come naturally. It needs to be acquired and practiced. Teach your kids those saving smarts now when they’re young to help make it a lifetime habit they’ve already mastered by the time they hit their 20s.

Give your kids a clear understanding of why saving is crucial to financial wellness and how to make it happen. Here are some points to cover:

  • Why putting money aside each month is crucial
  • How interest and compound interest work
  • Long-term vs. short-term saving
  • Reasons to save

Conversation starters (For kids under age 9):

  • Let’s say you’ve only got $15 and you want to buy a drone that costs $65. You get $5 a week as your allowance. How can you buy that drone?
  • When did you wait for something and find that it was more enjoyable because you waited for it?
  • Can you think of some things that Mom or Dad saves up for?
  • If you earn 10 cents for every dollar you save, how much money will you earn by putting away $5?

Conversation starters (For kids over age 9):

  • Are you saving up for anything important?
  • Can you think of some things that Mom or Dad saves up for?
  • Have you ever had to pay for something unexpected? How did you come up with the money?
  • Some things we save for are short-term goals, and others are long-term goals. Can you name some of each kind of goal? How will we save differently for each kind?
  • Do you think it’s smart for Mom and Dad to keep money they’re saving under the mattress? Why or why not?

Working It Out

One of the most fundamental financial lessons your kids are going to have to learn is about how you work for your money.

Do your kids understand that every time you pull out a wad of bills or swipe a card to pay for a purchase, that money is directly linked to time you put in at the office? Do they realize all of your money is earned through hard work?

Here’s how to make sure your kids — at any age level — understand this concept.

Goal: Teach your children that money for purchases, whether it’s paid through cash or a card, is earned through hard work. Here are some points to cover:

  • Money is earned through work.
  • Every dollar spent is time you spend working.
  • Any method used to pay for purchases comes from the same source.

Conversation starters (For kids under age 9):

  • What do you think mom/dad does all day at their job?
  • We work to do what our bosses want and need. How do you think our bosses reward us?
  • When we spend money for pizza, groceries, toys or movies, where do you think that money is coming from?
  • This is mom/dad’s paycheck from work. When we give it to USAgencies Credit Union, we have money to spend. Why do you think we put the paycheck in our account at USAgencies Credit Union?
  • When I swipe my credit/debit card, how does that pay the store owner? Where is the money coming from?

Conversation starters (For kids over age 9):

  • Why do you think people work?
  • Do you think people who work harder for their money spend it more carefully?
  • Would you still want that (article of clothing/toy/gadget) if you had to work for it?
  • If you had the choice to work 16-hour days for double the salary of an 8-hour day, would you take it? Why or why not?

We’ve also got a few fun activity pages for your kids to complete.

Youth_activity_pages preview
Download printable worksheets

Youth_activity_pages preview
Download printable worksheets

Youth_activity_pages3
Download printable worksheets


Do you encourage your kids to save money? How do they spend their allowance, chore money and money they earn from odd jobs as soon as they have it?

Connect with us to help get your children ready for their first savings or checking account to establish healthy financial habits. Call us at 503-275-0300 Option 4, or email info@usacu.org. Everyone deserves a better banking experience. Get it here.

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