Elementary school is the perfect time to start building strong money habits. Kids are beginning to understand numbers, make small purchases, and even earn their own money through chores or allowances. As a parent, you can help guide them with fun, hands-on lessons that teach the basics of saving, spending, and sharing.
Here are five creative ways to help your elementary-aged child become money smart:
1. Create a Three-Jar System
Set up three labeled jars: Save, Spend, and Share. Every time your child receives money, help them divide it among the jars. This teaches them how to prioritize their money and introduces the concept of budgeting.
🏦 Save: For long-term goals like a new toy or bike
🛍️ Spend: For small treats or outings
❤️ Share: For donations or gifts for others
2. Set a Savings Goal Together
Help your child choose something they want to save for—like a video game, book series, or special outing. Then, create a visual tracker (like a chart or coloring sheet) to mark progress. This builds patience and shows the reward of delayed gratification.
🎯 Pro Tip: Celebrate milestones along the way to keep motivation high!
3. Let Them Make Small Spending Decisions
Give your child a small amount of money to spend during a family outing or trip to the store. Let them decide how to use it, and talk through their choices afterward. This helps them learn the value of money and the importance of thoughtful spending.
💬 Ask Questions: “Was that worth it?” “Would you buy it again?”
4. Play Money Games
Board games like Monopoly, The Game of Life, or Money Bags are great tools for teaching financial concepts in a fun and interactive way. You can also find free online games and apps designed to teach kids about money management.
🎲 Learning through play makes financial lessons stick!
5. Open a Kids Savings Account
Once your child starts saving regularly, consider opening a Student Savings Account at Midwest Bank. It’s a great way to introduce them to real banking, teach them how interest works, and give them a sense of responsibility.
🏦 Visit your local Midwest Bank to learn more about our new Kids Savings and Student Checking Accounts—designed to grow with your child from elementary school through college.