Financial Foundations: Learning About Money

 

With a break from busy school schedules, summer is the perfect time to slow down and teach your kids valuable money lessons through fun, hands-on activities. Whether they’re young children or busy teenagers, there are simple ways to help them learn the basics of saving, spending, and earning for a lifetime of financial confidence.

First, start by making saving a habit. Give kids a clear goal to illustrate the power of saving. Maybe it’s a new toy, a game, or a special outing. Set up a piggy bank or, even better, open a youth savings account with FMB. Our Star Savers program is a great way to introduce real-world saving while making it fun and rewarding.

Practicing smart spending is another great way to learn the value of a dollar. Take kids shopping and involve them in budgeting decisions. Give them a small amount of money and let them choose how to spend it while talking about needs versus wants, price comparisons, and of course, the value of patience.

It’s also important to encourage earning opportunities. From lemonade stands to extra chores or neighborhood jobs, summer is full of chances for kids to earn money. Having their own income helps children appreciate the importance of work and learning how to manage money they’ve made themselves.

Lastly, don’t forget to make it a family activity. Money lessons don’t have to be formal! Talk about spending and saving while grocery shopping, planning a vacation, or setting a family savings goal. Including kids in real conversations helps them feel invested and involved.

FMB is Here to Support Your Star Savers

At Farmers & Merchants Bank, we believe that financial literacy starts early. Our team is here to help families like yours build strong money skills together with helpful resources, youth savings accounts, and a commitment to supporting your goals every step of the way.