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Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
As a credit union, DCCU exists to help improve the financial health of our members – regardless of their age. We are committed to helping young people reach their financial goals and have helped thousands over the last 20 years understand important financial concepts. From savings to checking, building credit and more, here you will find youth-centered financial wellness information.
Money Tips by Age
No matter your child's age, teaching them to be financially fit is important, but sometimes it's difficult to know which lessons to teach them that are age appropriate. Below you will find some age-appropriate financial tips for the children in your life.
- Young Children
- Older Children
- Preteens
- Teenagers
It's never too early to start a conversation about money with your children, and it's actually possible to teach them as young as two basic concepts about currency. Read below for some financial tips for toddlers, preschoolers, and kindergarteners.
Ages 2-3
Start a piggy bank
Giving your child a piggy bank early in life will help cement the ideal of saving for them. They may not understand at this age why they are putting money into a big plastic or ceramic pig (or other character), but this will help establish a habit of saving that will aid them later in life.
Coin identification
When given the choice between a penny, dime, and a nickel, most 2-3 year old children will choose the nickel because of its large size. While children this age can't fully grasp the value of money, you can begin to help them identify what each one is. One way to do this is by giving your child coins to put in their piggy bank. Collect an assortment of coins and before they put each one in their piggy bank, discuss the name and characteristics of each one.
Let them pretend
It's no secret that small children have busy imaginations, so let them put that creativity to use by letting them pretend to work in a supermarket! This is a fun activity you can do with your child that will help enforce basic money concepts such as exchanging currency for goods.
Games & Activities
Ready, Set, Save!
If you have multiple children, consider instituting a "savings" challenge to see who can save the most money. The winner will receive an additional bonus in their piggy bank. This fun, ongoing activity can help in getting your child excited about the prospect of saving their money.
Plan & Cook a Meal
Sit down with your child and pick out a meal to make together, purchase the ingredients, prepare the meal, and share it with loved ones. This great bonding experience also teaches your children valuable lessons about budgeting and exchanging money for goods.
Ages 4-5
Teach them how to count
Children between four and five are at an excellent age to begin introducing the concept of counting. They'll likely already be learning these things in school, and you'll be able to help them learn how to county coins and dollars.
Take them grocery shopping
One way to tach your child abou the value of money is through shared experiences - like a trip to the grocery store. They'll learn that money has value as they see you select items that align with your budget and pay accodingly.
Teach them to save
Preschool and kindergarten are a great time to introduce the concept of saving to a child. Talk to them about the importance of saving one dime of every dollar they make. This will help lay the foundation for their saving habits later in life.
Now that you've laid the foundation for smarter money habits throughout life, it's time to introduce some new concepts like an allowance. Read below for financial tips for children ages six to ten.
Financial Games & Activities
Set Up a Lemonade Stand
Allow your child to exercise their entrepreneurial spirit, and open up a lemonade stand in order to learn the value of earning money. This, in conjunction with the lessons they've been learning about an allowance, will aid them in knowing about income later in life.
Play a Game
Board games have the potential to play an important part in growing your child's financial fitness, from well-known board games to simply pretend shopping together in a make-shift market in your living room.
Ages 6 to 10
Introduce an allowance
This stage is a great time to introduce your children the concept of an allowance. An allowance is a set amount of money your child receives in exchange for completed tasks. While the amount should increase as your children grow older, determining the amount they receive is up to you!
Teach them about income and budgeting
Between ages six and eleven is a great time to begin teaching your child the importance of budgeting and income. They should know that an income is a recurring source of money, such as a job (or allowance), that will aid them in determining their budget. You should also teach them that a budget is roadmap of your finances, detailing where all your money is going and coming from each month.
Let them make independent purchases
Between ages six and eleven, your children will likely begin to differientiate the value between different coins, and will also be able to understand that a set amount of money can only buy so much. This is a great opportunity to teach them about the concept of making purchases based on how much money they have. One way to do this is by taking your child on a trip to the store. Give them a few dollars, and allow them to pick out whichever items they want, so long as they don't spend more than their budget. This exercise will get them to use their thinking caps as they learn the value of money as they decide between items. It will also increase their feelings of independence as they are in control of how the money is spent.
For the preteen in your life, it's important to continue sending honest and consistent messages about money that will support your children in their own financial decisions. Read below for financial tips for an eleven to thirteen year old.
Ages 11-13
Teach them budgeting skills
You've likely already laid the framework for your child's knowledge of budgeting, and here is an opportunity to put those skills to test. If your child receives an allowance, consider increasing the amount paying it bi-weekly. This will encourage your child to budget their money more wisely as they will have to stretch the funds over a longer period of time. Instituting this practice will help you see where your child's strengths and weaknesses are financially, and allow you to assist them accordingly.
Encourage long-term financial goals
Now that your child has the grasp of the concept of saving, it's time to help them set longer-term goals than they have in the past. To prep them for thinking about saving for things like their first car or college, encourage them to set one to two big savings goals for the year. Establish clear goals and a plan for how to get there, and then throughout the year help your child stay on track by periodically checking in. It's important to emphasize to them that saving money is a fun and rewarding concept, not just something they are obligated to.
Introduce them to the concept of working
While the legal age to begin working varies from state to state, that shouldn't stop you from encouraging your child to pick up extra tasks around the neighborhood occasionally. Examples of task-oriented jobs they can perform include babysitting, pulling weeds, washing cars, pet sitting, yard sales, and more. You could even support them as an entrepreneur and allow them to think up their own business.
Purchase Responsibilities
Over the course of your child's life, they will need to learn the true cost of things and how to manage their budgets effectively to encompass both their needs and wants. Giving your child more purchase responsiblities as they grow older is one way that you can enforce both of these things at the same time. Below you'll find a few items to consider introducing to your 11-13 year olds to pay for themselves:
- Experience tickets (amusement parks, zoo, movie tickets, etc.)
- Hobbies
- Summer activities/extra spending
- Vacation splurges
Entering the teenage years is an exciting time in your child's life. They are ready to assume more responsibility, independence, and have likely accumulated financial skills to help through this process. During this stage, they will undergo many significant changes from legally driving to getting their first job, and even graduating highschool. Read below for tips on helping them and their finances during this stage.
Age 14-16
Teach them to balance needs and wants
Your child has likely never had this much indpendence before, but they likely also haven't had nearly the amount of responsibility. Although they are getting older, they still need your guidance much of the time. It is imperative that they know the difference between a need (something necessary) and a want (soemthing that would be nice to have) in their finances, and to prioritize needs above wants.
Help them open a checking account
Your child should already have an open and active savings account, but now is a great time to introduce them to a checking account as well. Once they have a checking account, you can pay their allowance directly into their bank account, allowing them more exercise in budgeting and managing money.
Teach them about credit and creditworthiness
Teaching your children about money is about much more than just cash. They should know the importance of establishing credit and borrowing wisely. They should know what factors impact your credit score and how, the different types of credit, and ways to build their credit. You'll want to express to them the importance of keeping your debt threshold low while also paying all bills on time.
Saving for College
College is a big expense, and determining how you will pay can be a challenge. First you'll want to decide who will be paying for your student's education, whether that be you as the parent, your student, or a combination of the two. Next, you'll want to decide how you'll pay for this expense. From scholarships to grants to student loans, knowing where to begin can be a challenge. Now is an excellent time to start discussing the cost of higher education with your child. Even if they've barely begun high school, it could be a good idea to start prioritizing college saving now.
Should your children help you save for their higher education?
Instilling a habit of saving in your child can be vital in developing their financial education, and saving for college could be a great way to help cement the idea! When you involve your child in this way, it could help them better understand how expensive college can truly be, the importance of saving, and the overall value of money. If you choose to go this route, it may be beneficial to open a separate account specifically for college saving so that your child can tangibly see how much they are saving and watch their funds grow over time.
Be a Role Model
Just because your child is now nearly an adult doesn't mean you are no longer needed to provide support and guidance. In fact, during this transitionary period, your child may lean on you more heavily as they learn to navigate life out of the nest. Continue to have open and honest discussions about money with your child about budgeting, saving, their credit, and more. Doing this will help in keeping the dialogue about money open between you and your child for years to come. Let them know your strengths when it comes to money management, as well as your own areas for improvement. Teach them to focus on balance in their budgets as they accept more autonomy around their own finances. Finally, be mindful of the example you have set with the management of your own finances, and work hard to be financially fit yourself.
Ages 17-18
Encourage them to work part-time
Children on the cusp of adulthood have earned a great deal of independence since their days in diapers, and with that independence comes more responsibility. By the age of 17 or 18, your teen will likely be working a part-time job or at the very least, a summer job, in order to gain extra money. They will be preparing for the loss of their allowance in their income, and getting a part-time job will help in lessening the impact. Part-time employment will also help in building their self-esteem and confidence as well as introduce them to a work setting.
Teach them balance
Teens are very busy at this age. They'll be juggling school, possibly part-time work, a budding social life, and potentially college planning, which can make them anxious for the future. Take some time to sit down with them and listen to any anxieties they may have about money, and offer them advice. Reiterate the importance of prioritizing needs before wants and sticking to their budget.
Teach them about online banking
You've spend eighteen years preparing your child for financial success, but it's also imperative that they know how to manage their money in an increasingly digital world. Educate yourself on the digital options your child's financial institution offers, and then teach them to use those tools as well.
Budgeting 101
A budget is like your roadmap for your finances, and having one (and sticking to it) can help you be financially fit. Learning this basic building block of good financial health early in life will help set you up for success later down the road. Read below for more information on how to create and follow a budget.
Creating a Budget
Allowance
If you are looking for a way to introduce both financial responsibility and independence into your child's life, consider starting an allowance. One of the first steps in your child's financial journey, an allowance has the potential to be an essential tool in their financial health. Read for tips about instituting an allowance below.
Conditions
Determining what tasks will be completed for an allowance is a personal decision, and should be based on your family dynamic. Some parents choose to tie allowance to household chores, while others believe chores are just part of life. Whatever the tasks, make sure they are clear, age appropriate, and are used to reinforce financial and purchase responsibilities. We also recommend you avoid tying your children's grades to their allowance.
Determining an Amount
Allowances are not "one size fits all" and will vary from family to family, but there are a few things to keep in mind when determining an appropriate amount for your child.
- What can your family afford?
- Does the amount selected allow for raises in the future?
- How much extra money (if any) is your child earning outside the home?
- What purchase responsibilities will they hold in the future?
- What purchase responsibilities are they ready to hold now?
- Does the allotted amount allow them to easily budget and save?
Frequency
When you pay your child their allowance will be different from family to family, but we recommend you consider paying your child in cash. For younger children under the age of eleven, we advise paying allowances out in weekly installments. As your child becomes a preteen, it may be beneficial to change the frequency to every other week, and by their late teens, a monthly allowance may be best. This progression will help in strengthening your child's budgeting skills.
Modifications
Your child is growing older day by day, and their allowance will need to grow with them. That's why you should adjust your child's allowance annually, with some parents choosing a birthday as the date for their child's allowance raise.
What if they need more money?
You just paid your 16 year old their allowance last week, and now they are without money, and asking for more from you. For many parents, a moment like this will happen, even to the most financially responsible kids. This is a perfect opportunity to discuss needs versus wants with them, and if you deem appropriate, an opportunity to offer them a solution. If you choose to give your child more money, consider offering it to them as a short-term loan that will be repaid from next month's allowance. If your child is of working age, you could also suggest that they take on a part-time job to earn extra income if they are in a position to do so.
Keep the conversation going
Adjusting your child's allowance shouldn't be done out of obligation, but rather because your child is ready to assume more financial responsibility. An allowance raise is a privilege for your child, and the two of you should communicate at least yearly the reason behind why (or why not) they are receiving it. Consider offering your child an annual review of their financial health and habits throughout the year. You'll be able to discuss with them about how they've managed their alllowance, including areas where they've performed well and other areas for improvement. This is also an excellent time for the two of you to go over their budget and make any necessary adjustments. Help them determine how they will monitor their spending as well as reach their savings goals for the following year.
More Resources for Parents
Within this section you will find resources for starting or continuing a conversation about finances with your children. Read more below.
Contact Us
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365,
Waynesboro, VA 22980
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365, Waynesboro, VA 22980
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