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Teaching Your Kids About Money

Mother talking with her daughters

Everyday Teachable Moments

Understanding money matters are a part of everyday life and parents can start discussing financial topics with their children at any age, simply by incorporating it into everyday activities.

Here are some examples of how to turn everyday moments into opportunities for teaching about money.

When you pay bills each month, you can talk about:

  • How things like electricity, water, and heat cost money.
  • How a check or online payment is taking money out of your account at the bank to pay the bill.
  • Keeping track of the checks you've written and the online payments you've set up in the check register so that you don't spend more than you have in your account.

When grocery shopping, you can talk about:

When using your credit card, you can talk about:

  • Paying for these purchases each month when the credit card statement comes.
  • How using a credit card is like taking out a small loan for each purchase, and how you need to pay it back.
  • How interest works and adds up if you don't pay your credit card balance each month.

Mother and children grocery shopping, learning money skills

When giving children an allowance, you can talk about:

When depositing your paycheck, you can talk about:

  • How your paycheck is deposited into your checking or savings account. If you use direct deposit, explain how this electronic method is convenient and secure.
  • Budgeting some of your paycheck to pay for things like housing, food, and clothing.
  • Saving a portion of each paycheck for emergencies and to build a nest egg for future expenses like college tuition and retirement.

When using an ATM or your PRS Debit Card, you can talk about:

Remember, it's never too early to start talking about money and finances with your kids! For more financial education resources, visit our Financial Education page.