How to Teach Your Kids About Money (at Every Age)

Raising financially literate kids isn’t just about numbers—it’s about preparing them to steward resources wisely, live debt-free, and make decisions aligned with their faith and family values. At Deseret First Credit Union, we believe money is a tool, not a goal. Here’s how to teach your children about it—step by step.

Ages 3–6: Start with Simplicity and Stories

Young children are sponges. This is the perfect time to introduce basic money concepts using stories, play, and simple activities.

Key lessons:

• What money is (coins vs. bills vs. cards)
• Earning (money comes from work)
• Spending vs. saving

Ideas to try:

• Use a clear jar for savings so they can see money grow.
• Read picture books like Bunny Money or The Berenstain Bears' Trouble with Money.
• Let them “pay” with coins at a family store or church bake sale.

Ages 7–11: Give Them Hands-On Practice

At this stage, kids are ready to handle small amounts of money, make basic decisions, and start forming habits that last.

Key lessons:

• Budgeting: dividing money into give/save/spend jars
• Earning: through chores or projects
• Gratitude & generosity: using part of their money to help others

Ideas to try:

• Open a youth savings account at DFCU.
• Let them create a simple budget for a toy or birthday gift.
• Match their savings contributions as an incentive.

Ages 12–14: Introduce Digital and Real-World Tools

Pre-teens are starting to understand abstract thinking and long-term consequences. It’s the right time to connect financial choices to real life.

Key lessons:

• Banking basics – what accounts are and how they work
• Delayed gratification – saving up for bigger purchases
• Online safety – protecting passwords and avoiding scams

Ideas to try:

• Show them how to use a mobile banking app with supervision.
• Discuss what it costs to run a household or go on a family vacation.
• Talk through why we tithe, give, and spend in alignment with our values.

Ages 15–18: Equip Them to Be Independent

High schoolers are on the verge of adult financial responsibility—college, jobs, credit cards, and more. Now is the time to help them build confidence.

Key lessons:

• Credit & loans – how interest works, what to avoid
• College costs – comparing options and understanding debt
• Jobs & taxes – how paychecks and withholdings work

Ideas to try:

• Help them open a checking account or student card.
• Review their first pay stub and explain deductions.
• Encourage them to set financial goals—saving for a mission, college, or a car.

Faith in Action: Money as a Stewardship

As families, we believe that all we have is a gift from God. Teaching our children to manage money with gratitude, generosity, and purpose is one of the best ways to prepare them for a meaningful life.

At Deseret First, we’re here to support that journey—from your child’s first savings account to their first auto loan and beyond.

Ready to Start?

Explore our Youth Banking options or stop by your nearest branch to open a savings account for your child today.