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Teaching kids about money doesn’t have to be complicated – it can be a lot of fun! For elementary-aged children, everyday life is full of chances to start learning simple, important lessons about spending, saving, and the value of work. And the sooner they begin, the more confident they’ll feel as they grow.

From earning a few dollars for chores to running a lemonade stand, kids can learn real-life money skills in ways that feel like they’re playing. In this article, we’ll share easy, hands-on ideas parents can use to help their children build healthy money habits and start thinking about how to make smart choices with their cash – whether they’re spending, saving, or sharing.

Hard Work: Earn Money with Chore Dollars

A great way to help kids understand the value of money is by showing them how to earn it. Implement a system where your kids can receive “Chore Dollars” for completing tasks around the house, like keeping their room clean, helping with the dishes, and putting things back where they belong. This strategy helps children associate work with earning - a lesson that’s never too early to learn.

You can also introduce “Bonus Bucks,” which serve as a surprise reward for demonstrating important qualities like teamwork when they help their siblings or friends, creativity in their at-home art projects, or performing other outstanding acts that deserve recognition. This system shows that taking initiative or going above and beyond are valuable traits that can be rewarding.

Savings Goals: Use the 3-Jar System

For younger children, demonstrating money concepts visually tends to work best. The 3-Jar System is a tried-and-true, simple yet effective strategy. Start with three jars or containers and label them accordingly:

• Jar #1: Giving – The money in this jar can be used to buy gifts for others or donate to charities.
• Jar #2: Saving – This jar houses funds for savings goals.
• Jar #3: Spending – The third jar is the money your kids can spend on themselves. 

This easy and interactive strategy allows children to watch the cash in each jar grow and use their money for things that matter most to them.

You can let your kids decide how much they want to put in each jar and adjust as they learn lessons about giving, spending, and saving. Or, if you want to provide some guidelines, consider starting with 10% of their money going into the giving jar, 20% in the savings jar, and 70% for spending.

Wants vs. Needs: Go on a Treasure Hunt

Being able to distinguish between wants and needs is one of the first big steps toward smart spending – and it’s a concept kids can start learning at an early age. Knowing the difference helps them make better choices with their money as they grow.

Make it fun by turning this lesson into a game! Go on a “Wants vs. Needs Treasure Hunt” around the house or play a round of “I Spy.” Spot items like toys, snacks, and video games (wants) versus essentials like food, toothpaste, or warm clothes (needs). You can even take the game on the go – point out examples while grocery shopping or running errands.

This kind of hands-on learning can spark great conversations and gives kids a chance to practice real-life decision-making, all while having fun together.

Budgeting Basics: Play Money Games

Many adults find creating and maintaining a budget to be tedious and time-consuming. However, it’s one of the best methods to manage money successfully. You can introduce budgeting to your kids at an early age, so they become accustomed to the concept. A fun method is to play money games!

• Board Games:

Playing classic family board games together, like “Monopoly” or “The Game of Life,” can introduce your kids to financial concepts in a fun and tangible way. They’ll experience budgeting, saving, spending, and investing firsthand.

• Play Pretend:

Role-playing is another great way to engage with your little ones about money concepts. Play “store” or “restaurant” to let them practice exchanging money, making change, ordering supplies, and more.

• Practice Budget:

You can also create a pretend budget and let your child “shop” within their limit. Practice together with online shopping or use real-world scenarios like at the grocery store to help them budget for a meal and pick out ingredients within their assigned price limit. 

Mini Moguls: Smart Money Management

Encourage your kids to earn money through fun and simple business ventures, like running a lemonade stand or making and selling crafts. Fostering this hands-on experience teaches them valuable lessons in managing money effectively and building skills like:

• Pricing goods
• Customer service
• Tracking costs
• Calculating profits

You can even make it a group effort! Encourage your “mini mogul” to involve their siblings, friends, or neighbors to participate. Working as a group helps them build teamwork and problem-solving skills.

Level Up: Take Their Savings to WestStar Credit Union

Once your child’s piggy bank or “Saving” jar starts filling up, it’s the perfect time to introduce them to having their very own savings account at the credit union. Taking a trip together to make their first deposit turns saving money into a milestone moment - and helps them feel grown-up and proud of their progress.

Having a real savings account teaches kids that their money isn’t just sitting still - it’s working for them by earning interest and staying safe. Plus, it opens the door to learning how banking works: deposits, balances, and even setting savings goals. It’s a simple but powerful way to help your child build smart money habits and feel excited about saving for the future.

We’re Here to Help!

Establishing money skills early lays the foundation for lifelong financial confidence. By teaching your kids healthy habits and using everyday moments to talk about money, you empower them to make wise choices now and in the future. As your credit union, we’re here to support that journey - whether it’s opening a savings account or learning how banking works, we’re proud to help families raise financially savvy kids.

If you’d like to open a Minor Share Savings Account or Student Checking for your child or have any questions about teaching money management skills, we’re happy to help. Please stop by any of our convenient branch locations, Chat with us, or call 702-791-4777 to schedule an appointment today.

Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.