Teaching children about money
By Tammy Lott
Redstone Federal Credit Union
Hartselle branch manager
Have you ever wondered how to teach your children about money?
At Redstone, we understand the importance of helping families develop a strong financial foundation. We offer opportunities for young people to learn about money in ways they can understand, including the chance to open accounts and start their banking journey through ‘Deposit Days’ at their schools.
Our Adopt-a-School initiative provides hands-on support to teachers, students and staff. A key part of this program is promoting financial literacy, a skill often overlooked in a traditional school curriculum. Each month, students at F.E. Burleson Elementary School participate in “Deposit Day,” where they bring in their savings and learn the importance of saving money. The children seem to enjoy it, and our Redstone staff certainly do. You can often hear the kids refer to our staff as “my bank lady” in public.
We work to support the entire school through our programs. We volunteer as lunch buddies, field day assistants, guest readers and even sweep the cafeteria floors. Staff at the Hartselle branch logged more than 310 volunteer hours in 2024 alone.
In addition, our first-ever student-run branch opened at Hartselle High School in 2017 and gives students the chance to learn banking firsthand, while gaining valuable work experience.
Creating money-smart habits at an early age pays off in the long run. Here are some ways to help your kids learn about money:
- Teach kids to save. Start by setting aside a portion of gift money in a jar to watch it grow, then show them how to deposit it into a savings account.
- Talk about spending. Help children understand the value of money by explaining choices. Is it a need or a want?
- Lead by example. Involve children in financial decisions, like choosing a less expensive pair of athletic shoes now, so that you have money for something else you want later.
- Encourage earning money. Younger children can earn an allowance by doing chores, while older ones may be ready for a part-time job.
- Set goals. Help children track their progress by saving for something important to them. Show them how a budget helps track expenses.
- Explain financial terms. Teens should understand basic banking concepts like checking accounts, debit cards and credit cards.
- Encourage lifelong financial education. Financial literacy is important at all stages of life. Redstone offers classes on budgeting, credit and retirement, along with a new financial wellness blog at redfcu.org/financialwellness.
