Teaching Kids About Money

From sending your kiddo to look for coins in the couch to sending them off to college with a credit card, teaching about money happens whether you want it to or not. It’s just a matter of what they’re learning. In this helpful article, we outline five important reasons for intentionally teaching your kids about money early on, plus some additional tools and even a special offer from UBT to help get you started.

5 reasons to teach your kids about money now

At UBT, it’s our job to help your whole family be the best you can be, financially — starting with your family’s youngest members. Basic budgeting and other money management skills are invaluable. So, we put together 10 tips to help you help your offspring save, spend, and allocate funds wisely. Read on to learn more!

Many parents offer their kids a weekly stipend for their spending without thinking too much about it. But an allowance can be used as a valuable tool to give your kids a head start on learning about money, including how to budget, how to prioritize needs and wants, and how banks work. Starting early really is key to building strong financial foundations (but trust us, it’s never too late). Click through for tips and suggestions around teaching with intention using the almighty allowance.

Starting early: How to use allowance as financial education

Before electronic payments came along, giving your kid an allowance entailed a trip to the bank and handing over the cash. But technology has created new ways to transfer money from you, the parent, to your offspring payees, creating many opportunities to go digital with your allowance plan — and quite a few cool learning opportunities in the process. Read on for easy, helpful ways to enhance your allowance plan with UBTgo.

Digitize your child’s allowance plan

We all want our kids to have a good grasp of finances. Just by making purchases, paying bills, and doing our banking, we’re teaching or kids about  money, whether we realize it or not. And using online banking, like UBTgo, can not only help you distribute allowance and help guide your kids’ spending, but it can also be used for some pretty cool financial lessons, as well. Read on to learn easy, helpful ways to simplify your life while enhancing your allowance plan with digital banking features.  

As any wise parent will tell you, kids are more apt to get on board if you make it fun. Kids of all ages can be more easily engaged in the financial process with a little technology and a bit of a challenge. A fun app like Save! The Game, Savings Spree, or Fam Zoo can help the younger kiddos grasp money concepts. And getting some careful lessons from you on transferring money between family and friends with the Zelle^® digital payment service can serve as incentive for all but the tiniest tots. 

Chores are the most common way for kids to make money, but sometimes getting started can be a bit tough. For more inspiration, Insider Reviews published a fun article in September 2020 reviewing products that make household chores fun.

12 products that make household chores fun for kids and easier for parents

As money management goes, we can’t help but feel a swelling sense of pride when our kiddos begin to grasp basic financial concepts or even the nuts and bolts of allowance. And when they do, we can’t help but wonder if they’re ready for the next step: a checking account. The friendly experts at UBT have put together a handy guide to help decide if a new account is in your child’s future — and even outlined some tools to make the next leg of the financial journey a smoother one for both of you. Read on to learn more.

When we’re talking kids and savings, a savings account is a natural transition from the piggy bank. Our Simply Savings Student account, with no maintenance fee, is the perfect starting point.

Additionally, checking accounts such as our Simply Free Student account are a good resource to look into for older kids as they start earning and managing their own money.