Help Your Kids Develop a Healthy Financial Relationship

Much of what we do as a parent is about helping our kids grow up to be healthy adults. In the same way that we encourage them to eat their vegetables, do their homework and get enough sleep, we also want to encourage kids to be healthy financially. Financial literacy for kids is highly recommended as soon as they start understanding the concept of money. The best way to do this is by showing them the basics. Here are three money-related habits to get them on the right track.

1. Teach them what things cost
   Help kids learn the value of a dollar, especially as they become interested in buying items that are more expensive. Start by encouraging them to look at prices on toys or food items at the store. Show them how similar items often cost different amounts. Talk through strategies to buy things for less by waiting until the item is on sale or by using a coupon.




2. Teach them how to save
   Money management for kids means explaining the difference between buying something small now or saving up to buy something more expensive later. This basic lesson in delayed gratification will serve your kids well throughout their lives. Open a savings or youth certificate account to get them in the practice of saving. “Certificate accounts are a great way to help kids learn to save,” shared Tony Rasmussen, vice president of financial education at Mountain America Credit Union. “A youth certificate account from Mountain America requires only $5 to open, allows you to continue making deposits throughout the year and offers a variety of term options between 12 to 60 months.”




3. Teach them to create goals
   Once your child better understands what things cost and why they should save, it’s a good idea to help them create a long-term plan. In addition to spending and saving, help them see the benefits of sharing their resources with others. Ask them about how they would like to use their money in the next week, month and year. Brainstorm ways they could earn this money through an allowance, birthday funds or job opportunities.

We all want our kids to be healthy—physically, mentally, emotionally and financially. Use these tips to get the conversation started with your children. Want to help your child have fun while learning about financial education? Check out Banzai—Mountain America's site with financial games, helpful articles and coaching. Register for your free account today. The relationship we develop with money is one we will have for our entire lives. Let’s help our kids develop the healthiest one possible!