5 Ways to Talk to Kids About Money

Set the Foundation for Healthy Money Habits

Let's face it, talking about finances isn't easy for anyone at any age. Here are five ways to get the money conversation going with your kids to encourage healthy banking habits.

1. Teach kids about banks and physical currency. This is especially good for younger kids because it's a tangible way to learn about money. Visit your local Wescom branch and open a youth account. Help kids put paper money in a special envelope or put coins in a piggy bank or a coin-counting machine at a Wescom branch.
2. Practice saving and spending with an allowance. However your family chooses to manage allowances, make sure to stress that saving is just as important as spending their hard earned allowance.
3. Help kids learn to comparison shop. Let them help you make a shopping list and look for sales and coupons. Take them to the grocery store with you and show them how to compare brands and prices to save money.
4. Encourage older kids to earn extra money. Middle school-aged kids can earn some extra cash by collecting and turning in recyclables, organizing a family garage sale, doing yard work for neighbors, baby or pet sitting, tutoring younger students, or putting on the traditional lemonade stand.
5. Explain the importance of giving. Teach kids that while savings and spending money are important, giving their earnings to those in need is important, too. Find a cause that resonates with your child — such as an animal shelter or food bank — and find ways to donate to those organizations. Help them understand that giving of their time and money is an important way to help others in need. Learn how Wescom supports and gives back to the community through the Wescom Foundation.