Teach Your Children About Saving Money

Teaching your children about money may seem like a daunting task. So here are some simple, age-specific recommendations on how you can teach your children to be financially responsible – before they get their first credit card!

Ages 4-5: Kids are most susceptible to everything you tell them at this age, so make sure you teach them good habits now. Buy them a piggy bank and give them some money to specifically put into it. If they receive money for gifts, make sure to encourage them to save some of that as well.

Ages 6-9: This is a good age to start giving kids an allowance. Bring them into a BFCU center, help them open a Barksdale Buddies savings account and instruct them to save a certain percentage of their allowance every week. Teach them the value of investing by demonstrating how much money they can save through compounding interest. This is a good time to start including them in discussions about the family budget and showing them that nothing comes free. Children in this age range are just starting to care about things like the latest toys and specific clothing brands, and now is a good time to help them learn the value of money.

Ages 10-12: Preteens are looking for some independence and getting their first “job” might be a perfect way to do so. They can mow the neighbor’s lawn, babysit, and more. Have them come up with ideas that suit their interests and encourage them to propose these money-making endeavors to their possible employers.

Ages 13-19: Teenagers are old enough to have their own jobs and can really start to take (guided) control of their financial future. Discuss with your teens the importance of staying on top of credit card debt and recommend that they start with a checking account and debit card instead. If they DO get a credit card, make it a low-limit card so that you and they can work on budgeting until they get the hang of it. 

Greenlight: Another way to teach your kids to earn, save, and spend wisely is with a Greenlight debit card. Barksdale Federal members can get the debit card and money app for families for free* through our partnership with Greenlight.

Benefits of Greenlight:

• Debit cards for up to five kids and teens: Send money quickly, set flexible controls, and get real-time notifications. 
• Chores and allowance: Reward summer chores and jobs with automatic allowance payouts.
• Financial literacy game: Greenlight Level Up® makes money concepts easy to understand and fun to learn.

Learn more about Greenlight and sign up at bfcu.org.

If you feel like you need some additional help explaining any of these financial topics to your children, visit bfcu.org or bring them by a BFCU location! We’re here to support you and your family by being your financial partner for life. 

*Barksdale Federal Credit Union members are eligible for the Greenlight SELECT plan at no cost when they connect their Barksdale Federal Credit Union account as the Greenlight funding source for the entirety of the promotion. Subject to minimum balance requirements and identity verification. Upgrades will result in additional fees. Upon termination of promotion, members will be responsible for associated monthly fees. See terms for details. Offer ends 3/31/2027. Offer subject to change and partner participation.

The Greenlight® prepaid card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International.

Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.

Card images shown are illustrative and may vary from the card you receive.