Money Matters Blog

Parenting isn’t easy, and we are here to help you in whatever ways we can. Keep reading to learn 5 simple and important things to teach your kids about money!

1. The Importance of Saving

The easiest way to encourage your kids to save money is by getting them a piggy bank. Most kids find that adding money to their piggy bank is rewarding. Encourage them to add money to their piggy bank as they earn it, and then bring to the bank when it’s full to deposit. Did you know that Galaxies Unlimited Kids’ Club members receive a free piggy bank when they open a Galaxies Unlimited Savings account? Contact a Relationship Banker for details!

2. How to Make Money

Implementing chores as a regular thing is a great way to teach them about earning their money. Start simple and give them a small allowance when they help out with some household tasks. Giving your kids an allowance without having them work for it is giving them the wrong idea about money. Chores are a perfect way to get your housework done quicker, and you’re teaching your kids a valuable lesson while you’re at it!

3. The Danger of Impulse Buying

Kids tend to be very impulsive and often have a hard time thinking through their decisions before making them. Teach them about the danger of impulse buying by not giving them everything they ask for right away. For example, if they see a toy in the store that they’re interested in and immediately ask for, don’t give in. Explain why it’s best to think before buying and to weigh different options. Kids learn by observing, so make sure you model good spending habits by controlling your own impulse buying as well.

4. How to Budget

Even if your high schooler has a part-time job, odds are they don’t have a whole lot of bills quite yet. Teach them the importance of budgeting while they’re still living under your roof. Make their “expenses” things they will eventually need to pay for themselves even if you are paying for it now – cell phone, car insurance, etc. Have them “pay” these bills into their savings so they get used to budgeting. And as a bonus, they will have a nice balance set aside when it’s time for college or that first apartment! There are also lots of helpful budgeting apps that can help you both see where each and every dollar is going. 

5. Giving Back

Giving back is an important part of being an active community member, and also teaches kids other great qualities like being selfless and considerate. Let them choose a charity, organization or church they are interested in and teach them the importance of giving.

If we all do our part to teach our children about money, we’ll be bettering the next generation.