Help them use a budget 

How you introduce your child to budgeting will depend on their age. You can start by playing store, showing them that a certain amount of play money can buy a certain amount of items. Then as they get older, it might move on to giving them an allowance for school clothes that they have freedom to spend how they want. You might have them help with grocery shopping, with the goal of getting everything on the household list while staying under budget. The important thing is to start teaching them to only spend money they have and to consider how their purchases might impact other areas of their life.  

Have them help with bill pay 

Think back to the first time you had a bill in your name. Did you know how to pay it? Or what would happen if you missed the payment due date? Maybe the answer is yes for you. But maybe there was a steep learning curve. 

Showing your kids how paying bills works in your household can help give them a leg up rather than having to figure it out themselves. Have them sit down with you on bill day and show them how your autopay is set up or how you check the balances for your electric and internet accounts. That’s one of the moments they’ll look back on when they get their first apartment and get started in adult life. 

Talk about needs and wants 

Many of these money conversations can be ongoing rather than a one-off. Have a conversation with your kids that introduces the idea of financial need-to-haves, like groceries and bills, versus nice-to-haves, like a new pair of sneakers when you already have a pair that fits at home. Then as topics come up—like wanting to go to the movies with friends even though they already spent all their spending money—you can revisit the idea with them. This kind of conversation helps establish habits that will help them into adulthood. 

Let them help you price-compare 

If you’re making a big household purchase, like an appliance or a car, have them get involved in comparing costs and features. It can give them a look at some of the factors to consider with those major purchases, and it will show them how you approach financing and making payments. Or maybe you have them compare costs for different brands at the grocery store, choosing the lowest price per ounce rather than the lower sticker price. This gets them used to shopping around to save. 

Start saving early 

It’s never too young to start saving. You might start putting away money for their college fund before they’re even born. When your kids start to get money for birthdays or a part-time job, help them open a savings account so they can save a percentage of every dollar they earn. Open a Rocky Super Saver Account with them, and show them how they can make their first deposit. 

Sign them up to become a Money Mastermind 

RMCU’s free Money Mastermind course is a great way for teenagers to learn the basics of saving, budgeting, and sound money management. You can sign them up for free and have them go through the lessons and exercises. Or do it with them, and you can talk about what you learn together. 

RMCU is here to help with your financial life, at any stage. Open your account,* and find out how membership can help your finances grow. 

*Must qualify for membership. On approved credit. Some restrictions may apply. Each account is privately insured up to $250,000 by American Share Insurance. By member’s choice, this institution is not federally insured.