Every parent hopes to give their children the tools to build a secure, successful future, but navigating the ins and outs of modern personal finance can be hard. The secret is beginning financial education early, transforming routine allowances and chores into lifelong lessons in fiscal responsibility. To help parents guide their middle- or high-schoolers, the banking professionals at Bank of St. Francisville offered some of their favorite practical tips for transforming everyday money choices into a foundation for lasting financial discipline.
i) It's never too early to start saving.
"There is no better time than the present to start saving," says Joseph Broussard, Credit Specialist at Bank of St. Francisville. "The earlier in life you begin to put money in savings, the better. Starting young will allow you to build a solid financial foundation and instill financial discipline in the future. Life can throw curveballs and it's best to be prepared."
ii) Good financial habits begin with modeling responsible behavior.
"Kids need to understand that living within your means is key," says Grace Jewell, Controller. "When parents model thoughtful spending and saving habits, and talk about why those choices matter, kids begin to see that financial success isn’t about how much you make, but how you manage what you have."
"When parents model thoughtful spending and saving habits... kids begin to see that financial success isn't about how much you make, but how you manage what you have." - Grace Jewell, Controller
—Grace Jewell, Controller
iii) Let kids manage their own money.
"Help children develop the habit of saving consistently from an early age," says Shirell Franklin, Senior Relationship Banker. "Parents can encourage children to set aside a portion of any allowance, gift money, or earnings before they spend the rest. They can make the lesson more meaningful by helping children set specific savings goals, such as buying a toy or a video game. Watching their savings grow over time helps children understand delayed gratification—the idea that waiting and planning can lead to larger rewards in the future."
iv) Talk to kids about budgeting—but follow through with independent practice.
"Instead of just talking about money, let them earn it, divide it, and feel the natural consequences of their choices," said Commercial Loan Office Walker "Mac" Field. "With our seven-year-old, we use a simple 'Spend and Save' system. He earns money through chores and little jobs, then decides how to split it between the buckets. It’s been great watching him learn that money is limited, and that his choices today affect what’s available tomorrow."
v) Show kids that money is a tool.
"Starting a savings account for your child as early as possible is a great thing to do," said Sundai Henry, Teller. "That way, when a chore is done or a reward is to be given, it can either go into the savings account fully, or the majority in the savings account to save toward needs in high school/early college years."
Want more tips and advice on managing your finances better? Sign up to attend Bank of St. Francisville’s next Lunch ‘n Learn session, “Common Frauds and Scams,” on August 26th.
