Summer Money Tips for Kids

stock photo Getty Images
stock photo Getty Images

 Summer Money Tips for Kids

Remembering those first few paychecks you received for a summer job, babysitting gigs, or an allowance from your parents brings back the nostalgia of simpler times. Fast-forward to today,
and your kids are probably going through a very similar moment in time.

“Kids start learning about money at an early age and by the time they start earning money, it’s a great moment to talk about financially healthy habits that can last them into adulthood like saving, budgeting and making the most of what they earn,”
said Jared Evans, Community Manager for Chase at the Stony Island Community Center branch in Chicago’s South Shore neighborhood.

Here are some tips to help them start their own financial health journey:

Let Them Earn Their Own Money: Allowances are a great opportunity for children to earn their own money for ‘jobs’ like watering plants, pet sitting, or assigned chores. To help manage
the money they earn, you can open a bank account for kids
that gives them access to their funds with your supervision
and control. It’s like a ‘learners permit’ for money, allowing
you to designate how much they can spend and where. Chase First Banking comes with their very own debit card so they can start learning about financial responsibility, giving them the opportunity to learn the fundamentals of saving, spending, and earning.

Discuss “Wants” vs. “Needs:” Teaching your kids
the importance of saving for the unexpected is a valuable
lesson. Talk to your kid about what they’d like to do with
their money and help them create a list to show what could
be considered a need and what is a want. To keep the conversation going, engage them in family discussions about
planning for a trip to the grocery store, major purchases, or
how to adjust the budget when gas and food prices go up.

Set Savings Goals: Having a goal in mind can make
saving enjoyable. Motivate your kids by finding out what
they want to save for and how they can achieve their goal.
Use this as an opportunity to educate them on the importance
of setting goals and creating a plan that can help
achieve them.

Consider opening their first account: Many kids might opt for their piggy bank as a safe place to keep their money, but it’s important to teach your kids the benefits of having their money in a secure place. Opening a Chase First Banking account at an early age can be the first step to learning how to save and manage for
the future. You can make it memorable by visiting your local bank branch and show them how to use their card responsibly.

Shop online together: Involve your children in these
transactions by shopping with them. Ask them to help
you find better deals and to add up totals in your cart
before paying. After you’ve made your decision on what
to purchase, help them understand that digital purchases
still need to be paid with real money from their bank
account.

 Talk About Money: It’s important to start conversations
about money at an early age – it’s never too early. Have open
conversation about budgeting, discuss the importance of researching prices to make informed decisions before purchasing
and keep the conversations going.

For more information on Chase’s products for kids and
teens, visit your local Chase bank to speak with a Community
Manager or visit https://www.chase.com/personal/financial-
goals/parents.

Sponsored content by JPMorgan Chase.

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