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Tips for Teaching Kids About Money

There are plenty of skills in life that are learned the hard way. Money management doesn’t have to be! Unfortunately, we can all reflect upon a time when a credit card balance seemed out of control, a large purchase we made felt coerced, or when we asked ourselves that age-old question, “where is all my money going”?
Imagine going into financial decisions with knowledge far beyond your years. It may not be feasible for those of us further along in our financial journeys, but we can certainly try to make the next generation’s experiences better. The best way to prepare for success is to understand money and feel confident in money-related decisions.
It may not seem like the most fun topic to discuss, but it can be a casual conversation and is truly a life-changing investment. Instead of a passive attitude towards kids and their finances, we can take charge of the conversation without making it boring or scary.

Wise Words from Grammy Pammy

Our CEO, Grammy Pammy, Auntie PamPam, you know, that lady that runs the place suggests that teaching your kids to save is also about building relationships with their credit union while they are young. This allows them to be comfortable when they need the credit union once they become adults.
How do you do this? 
  • Set up a savings account for your child or children when they are young and bring them with you to make deposits and explain what you are doing and why you are doing it. 
  • Let them be a big part of their deposits and let them get to know the staff. We are just one big piggy bank! As they get older, they will already be in the routine of saving and saving with people they trust at Maple. 
  • Pamela also suggests a 50/50 approach with their “minor earnings”. Save 50% and leave 50% for spending or save more for a special expenditure like a new bike, gaming system, or tech! 

But where do kids get money to save?

Many can recall the exciting times of opening birthday or holiday cards with cash gifts or checks from a generous relative but there are so many opportunities to make another teachable moment.
  • An allowance, in exchange for weekly responsibilities, can teach children that work correlates with money. This can also facilitate the illusion of salary where a simple budget can come into play.
  • Odd jobs for family members, neighbors, and other community members are a good way to make money. Depending on your child’s age, they can do jobs like babysitting, pet walking, lawn care, snow removal, or countless other odds and ends.


Psychologically, earned money feels different than gifted money. Children can learn an array of life skills through proper money management. Saving leads to purchases made where the child can feel proud of their accomplishment. This can also lead your child to treat purchases with care as they now know the value of a dollar. The confidence gained by learning about finances can keep kids from feeling pressure or anxiety in financial situations later in life.

So, start the conversation and start getting kids comfortable talking about money. Check out our saving opportunities. Let learning effective money habits be rewarding and fun!

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