August is Family Fun Month and the perfect time to introduce your children to the world of finances! Teaching them about money management from a young age sets the foundation for financial literacy, which is essential for making informed decisions and achieving financial stability in adulthood. With a little help from our financial education partner, GreenPath, we've got some fun tips for children of all ages to learn more about money management, including smart saving and spending behaviors.

Young Children (Ages 3-5)

Young children often don't understand the value of coins and dollar bills, but we have several ways to help them recognize the difference between denominations:

1. Counting Games

  • Activity: Use play money to teach counting. For example, they count out loud while placing coins into their Chartway piggy bank.
  • Benefit: Helps develop basic math skills and familiarity with money.

2.  Storybooks About Money

  • Activity: Read children’s books that explain money concepts in simple terms, such as "Bunny Money" by Rosemary Wells or "Curious George Saves His Pennies" by Margret & H.A. Rey.
  • Benefit: Makes learning about money fun and relatable through stories.

3. Chore Chart with Rewards

  • Activity: Set up a chore chart where your kids earn stickers or tokens for completing tasks, which they can exchange for small rewards or treats.
  • Benefit: Teaches the value of earning and saving for desired items.

 4. Role-Playing Games

  • Activity: Incorporate real-life scenarios into play. For example, in a restaurant game, give your child a certain amount of money and let them choose items from a menu within their budget.
  • Benefit: Introduces basic concepts of commerce and value exchange.

School-Age Kids to Preteens (Ages 6-12)

Children in this age group often have a better understanding of financial principles. Given their level of maturity, you can help them practice how they earn, save, and plan with their money:

1. Allowance Management

  • Activity: Give your children an allowance and have them allocate it into different jars or envelopes labeled "Save," "Spend," and "Donate." Allow them to use their spending money to purchase items they want but reinforce that spending now leaves them with less money to spend in the future.
  • Benefit: Encourages budgeting and financial discipline.

2. Savings Account:

  • Activity: Open a savings account with your child. To add to their savings, see if your financial institution provides incentives for good grades. For instance, Chartway offers up to $8 per grading term!
  • Benefit: Encourages saving and ties financial rewards to academic performance.

 3. DIY Savings Goals

  • Activity: Help children create a visual savings goal chart for a desired item, such as a toy or book. Track progress with markers or stickers.
  • Benefit: Visualizes the importance of saving and delayed gratification.

4. Educational Board Games

  • Activity: Bring the family together to play board games like Monopoly or The Game of Life, which involve financial decisions and money management.
  • Benefit: Makes learning about financial principles enjoyable and interactive.

 5. Grocery shopping

  • Activity: Involve your kids in grocery shopping by letting them clip coupons and create a shopping list. While at the store, show them how to compare prices between different sizes of the same product and between name-brand and generic items.
  • Benefit: Teaches budgeting and making cost-effective choices.

 6. Learning About Loans

  • Activity: While children can't have loans through a financial institution, you can use pretend play to explain borrowing. Act as the lender and explain terms, monthly payments, and interest rates.
  • Benefit: Helps them understand the cost of borrowing and the importance of repaying loans.

Teens and Young Adults (Ages 13 & up)

As your children grow up, you’ll want to provide supervision, guidance, and feedback to ensure they make smart financial decisions. Here are five ways to get them on the right track:

1. Checking Account

  • Activity: Opening a checking account can be a good tool as you’ll need to be a joint owner for those under 18. For example, Chartway’s Student Checking Account offers built-in controls so parents can oversee their banking activity and help their children create good financial habits.
  • Benefit: Teaches them how to use banking tools like debit cards, direct deposit, and online banking.

2. Part-Time Jobs

  • Activity: Teach them to read their pay stubs and understand tax deductions, explaining the difference between gross pay and net pay and the idea of paying yourself first.
  • Benefit: Provides an understanding of payroll processes and the importance of saving a portion of their earnings.

3. Real-Life Financial Planning

  • Activity: Discuss short- and long-term savings goals and Work with your teen to create a simple financial plan for one of them, such as college tuition, a car, or a vacation. Include steps like saving, budgeting, and researching costs.
  • Benefit: Helps teens understand the importance of planning and making informed financial decisions.

4. Understanding Credit

  • Activity: Explain the basics of credit scores, credit cards, and how to build good credit. Consider allowing them to use a secured credit card with your guidance.
  • Benefit: Prepares teens for future financial responsibilities and emphasizes the importance of maintaining good credit.

5. Gamification

  • Activity: Encourage your child to download the Zogo App, a gamified financial education app for high school and college students that provides information to help them make informed financial decisions.
  • Benefit: Your child can earn “Pineapples” for good decisions and redeem them for gift cards from popular retailers.

To join in on the fun, download the Zogo app and enter the code CHARTWAY when asked for an access code. Scan the QR code below to download directly from your app store.

For more information on our student and minor accounts, visit Student Accounts & Rewards for Students.

Have Fun!

Family Fun Month is an excellent opportunity to teach your children valuable financial skills that will benefit them throughout their lives. By incorporating these fun and educational activities, you can help your children understand the importance of money management, saving, and making smart financial decisions.