Dear Arizona Soccer Association,
We know our parents are always looking for ways to help their kids be successful not only on the field but in life!
Do you know when to start teaching your kids about money?
The sooner the better. Research shows that children as young as 3 begin to understand the concepts of money and affordability. Teens with a checking account also score higher on financial literacy. They’re also more likely to earn money from a part-time job and to talk to their parents regularly about money, setting them up for a better chance at long-term financial success.
What to teach?
Here’s a quick snapshot of what to teach your kids and when:
- Explain where money comes from (jobs, chores, etc.)
- Show them things cost money (birthday presents, groceries, etc.)
- Set up an allowance
- Help them to set small savings goals (inexpensive toys, etc.)
- Make them responsible for some daily expenses and/or entertainment
- Show them how to comparison shop (brands, sales, etc.)
- Teach them about savings accounts and earning interest or dividends
- Show them some bills and introduce household expenses
- Make them responsible for most daily expenses and entertainment
- Teach them about paychecks – gross vs. net pay, taxes
- Discuss college costs, including how student loans work
- Teach them about banking and credit basics
If you need help teaching your kids about money, we have a great partner you can turn to. We chose to work with Arizona Federal as a sponsor because they’re not-for-profit, and they created youth savings and teen checking accounts that make it easy to start teaching your kids about money!
You can open an account for your child or teen at any of Arizona Federal Credit Union’s 12 locations across the Valley.