How to Talk to Your Kids about Money

Despite the proven value and benefits of early financial education for kids, many parents still don’t know where to begin. A 2023 study revealed that 80% of U.S. adults agreed they would’ve had a better start with money if they’d learned more about personal finance in high school, citing the value of early financial education. Meanwhile, most schools still don’t provide comprehensive finance classes.

At Nuvision, we believe it's important for children of all ages to learn healthy financial habits, from kindergarten through high school. Here are our top tips for teaching kids about money at every stage:

Why it matters: By kindergarten, many children already grasp basic math. Early exposure helps them form an understanding and basic foundation about money, minimizing the potential for financial mistakes as they get older.

• Use visuals: Give younger kids a piggy bank or labeled envelopes (spend, save, share).
• Everyday lessons: Let them hand over money at the checkout counter or count out coins for a small purchase. 
• Real-life examples: Walk them through a shopping receipt, pointing out how different items cost different amounts.

Small, age-appropriate lessons like these build a solid foundation, teaching children that money is a limited resource that must be managed responsibly.

Why it matters: As kids get older, they can understand more about how money shapes daily life. Sharing insights helps them see real-world applications.

• Share goals: Are you saving for a family trip, a special outing or trying to pay off debt? Explain how that affects everyday spending.
• Show the trade-offs: If you need to cut back on unnecessary purchases, talk about why those choices help reach bigger goals.
• Be open about mistakes: Walk them through a shopping receipt, pointing out how different items cost different amounts.

You don’t need to divulge every dollar of your monthly budget, but letting them in on the “why” behind your decisions can be eye-opening.

Why it matters: High schoolers are on the cusp of real-world financial responsibilities—jobs, car payments, and future college costs.

• Earning money: If your teen has a job or receives an allowance, discuss dividing income into “spend,” “save,” and “share” categories.
• Open a checking account: A joint account gives teens hands-on practice with deposits, withdrawals, and online banking, while you maintain oversight.
• Focus on priorities: each them how to prioritize what’s most important, whether that’s saving for a prom outfit, a smartphone upgrade, or college.

Small, age-appropriate lessons like these build a solid foundation, teaching children that money is a limited resource that must be managed responsibly.

Why it matters: Kids watch their parents’ spending habits closely and learn from your actions, not just your words. 

• Model smart habits daily: share updates on your own savings goals (vacation fund, emergency cushion) to illustrate how small contributions add up.
• Make progress visible: A joint account gives teens hands-on practice with deposits, withdrawals, and online banking, while you maintain oversight.
• Link today’s choices to tomorrow’s rewards: explain how saving now can fund bigger dreams later—whether it’s a new toy in elementary school or a first car in high school.
• Celebrate milestones together: acknowledge each time your child reaches a savings checkpoint to keep motivation high and reinforce positive behavior.

Financial Literacy Month is a perfect opportunity to put these tips into practice. By starting early and continuing the conversation through high school, you’ll give your children the gift of lifelong financial know-how.

Visit our Financial Wellness Center for more resources on achieving financial wellness.

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For specific rates and details on how to open a certificate, you can visit our website, or stop by a Nuvision Credit Union branch. Your path to more focused saving could begin with a simple conversation about certificates.