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Teaching Kids & Teens About Money

Teaching kids and teens about money can be easy with help from SLFCU. From youth accounts to free education for teens, we’ve provided recommendations to help teach money management at any age.

SLFCU suggests setting a savings goal of $1,000 by age 18. As a young adult, your child will need to establish credit, and $500 can secure a guaranteed loan, with no credit history needed. It’s also a great way to start building emergency savings. Broken into small, regular deposits, this goal is easily achievable. Saving just $10 a month starting at age 5 adds up to $1,000 well before age 18 – and that doesn’t even include the dividends paid on the account.

Open the age ranges below for SLFCU products and services that can help your child build a bright financial future.  


Up to Age 12

Piggy bankDepositing money at the credit union is a great way to learn the basics of saving and spending money


  • Open a savings account and deposit monetary gifts and allowance to reach a savings goal. Young members earn dividends on any balance through age 15.
  • Young members with a primary account can watch their savings grow as they work toward earning prizes through the SLFCU Savings Laboratory®.
  • Parents should decide what role allowance and chores will play in their child’s life.
  • Deposit $10 a month and in 10 years, you’ll have more than $1,200 – plus dividends paid on the account.
  • The $1,000 your child will have saved by age 18 can be used as a guaranteed way to build credit.

Ages 13 - 15

Dollar billsBuild a first budget and learn about financial management tools.


  • Children earn dividends on any balance through age 15. Now is the time to open a primary savings account, if you haven’t already.
  • Establish a parent or guardian as a joint owner on a savings account to monitor account activity and teach good spending and savings habits. The joint owner will have the same access to the account as the child.  
  • Now is a good time to build a first budget. Start using online banking and SLFCU's mobile app to keep track of savings goals and monitor spending.
  • The $1,000 your child will have saved by age 18 can be used as a guaranteed way to build credit. Learn how.

Ages 16 - 17

Laptop computerSLFCU can help you manage a first paycheck, buy a car, and plan for the future.


  • Monitor savings and spending habits through online banking. Use SLFCU's mobile app to deposit paychecks by smartphone. 
  • Request a debit card to access your money. A parent or guardian joint checking account owner is required.
  • Maintain a $100 balance in an SLFCU savings account to earn dividends.
  • Teens are invited to submit an article on a financial topic to be considered for publication in our Dollars & Sense newsletter and on our website. SLFCU will award teens $100 for published articles.
  • The $1,000 your child will have saved by age 18 can be used as a guaranteed way to build credit. Learn how.

Ages 18+

Graduation capTake advantage of SLFCU's resources to develop money management skills that can help you achieve financial independence.


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