Financial Lessons to Teach Your Kids This School Year

As kids head back to school with backpacks full of books and supplies, it’s also a perfect time to give them something even more valuable: financial lessons that will serve them for life. At Old Ocean Federal Credit Union, we believe money management is a skill every child should learn early.

Here are some simple, age-appropriate lessons you can teach your kids this school year:

1. The Value of Saving

Start small. If your child earns an allowance or gets money as a gift, encourage them to put a portion into savings before spending the rest. For younger kids, a clear jar or piggy bank lets them see their savings grow. For older kids, a youth savings account at Old Ocean FCU helps them track their progress digitally and learn how financial institutions work.

2. Needs vs. Wants

A shiny new toy or the latest gadget might seem important in the moment, but is it a need or a want? Helping kids understand this distinction early will shape the way they make financial decisions as adults. Try creating a family activity where everyone writes down an example of a “need” and a “want” and discusses why they’re different.

3. Setting Goals

Whether it’s saving for a bicycle, a gaming console, or a first car down the road, kids benefit from learning how to set goals. Help them break big goals into smaller milestones, and celebrate progress along the way. This builds patience and discipline—two traits that will serve them well in adulthood.

4. Using Money Wisely

For middle school and high school students, budgeting basics go a long way. Teach them to track income and expenses—even if it’s just on a notepad or simple app. Show them how quickly small purchases add up, and how sticking to a budget makes bigger goals possible.

5. Understanding Credit and Responsibility

For teens nearing adulthood, it’s important to start explaining how credit works. Discuss the basics of borrowing, interest, and why making payments on time matters. Even if they aren’t ready for a credit card yet, planting the seed now will help them avoid costly mistakes later.

6. Leading by Example

Perhaps the most powerful lesson you can give your child is the one you model. Talk openly about saving, planning, and even mistakes you’ve made along the way. When kids see you practicing good financial habits, they’re more likely to follow suit.

Teaching money skills doesn’t have to be complicated—everyday moments can become teachable moments. And when your family is ready, Old Ocean Federal Credit Union is here with youth accounts, financial tools, and resources to support the next generation of smart savers.

👉 Ready to help your child start their financial journey? Visit our website or stop by the Old Ocean FCU office to open a youth savings account today.