Tips to help equip children (or grandchildren) with a bright financial future

Money Matters for Cinfed Members

Good Financial Habits Start Young

Posted on March 21, 2019
Topic Categories: Banking, Consumer Help

Father and daughter putting coin in piggy bank

By Coach Fin

For children, good habits start early – and that includes personal finance. Just like math starts with simple arithmetic and progressively gets more advanced, knowledge of good money management can grow from a few introductory concepts.

Yet, according to a survey by T. Rowe Price at, nearly 70% of parents are reluctant to discuss money matters with their kids. And 61% of parents only discuss money when their kids ask about it. Managing personal finances is a critical skill, so having those discussions and establishing savings habits when children are still young can have a tremendous impact.

Here are some tips to help you equip children (or grandchildren) with a bright financial future.

Set an example.

Children who consistently see their parents pay their bills on time and keep a budget are more likely to adopt those practices in their own lives. Sharing real-life experiences can prepare kids to take precautions and avoid mistakes with their money in the future.

Make savings “real.”

Encourage younger kids to collect spare change in a clear jar or container so they can see their savings grow. When they ask you to buy a treat, instead offer to put that money into the “savings jar.” Once the jar is full, children can count the money and use the funds to purchase something extra-special. As a result, they’ll associate a sense of excitement with savings – and they’ll understand that delaying gratification can lead to a greater payoff down the road.

Have kids earn (and learn with) their own money.

Kids will learn the value of a dollar better if it’s their own. Younger children who are paid a small allowance for doing chores around the house will understand the concept of working for money. Then they can spend their own money on some of the things they want. They’ll begin to appreciate what these items actually cost and will be more open to lessons about saving and budgeting.

Get kids familiar with banking.

Adults can make a trip to their financial institution an exciting event for younger kids. Let them in on the process – maybe even let them press the buttons on the ATM or help to fill out a deposit slip. They’ll feel included in adult chores and won’t feel intimidated by banking later in life. Even if you do most of your banking online, a “field trip” shows kids where financial transactions happen and how the process works.

Establish their own accounts.

You can open a simple savings account for children younger than age five with a few dollars. As they get older, they’ll already have an account they can add to. Another benefit is the arrival of the monthly statement: it’s a good time to take a few minutes and review it together with your child. The statement can provide practice on simple addition and subtraction, and gives you the opportunity to talk about savings, interest and other concepts.

Cinfed’s Rock Star Savers program is a great resource, offering prizes and rewards while supporting math, money management and life skills. For adults looking for additional help, the financial industry has plenty of online resources– many of them free. The earlier you start these habits, the more likely they are to last – and give your children the skills to succeed with their personal finances.


Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Been a member since I moved to the Queen City in 1978. Cinfed has always provided customer service that other financial institutions only dream about. Thank you for almost forty years of outstanding... 
— Tim Grabenstein
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985
I have been a Cinfed member for years. I know I can depend on them to provide excellent service. The bill pay on line is great and every time I visit the Florence branch I am met with friendly... 
— Jan Ricks
Closed a loan in 24 hours! Absolutely unheard of! Thanks to the exceptional customer service of LeAnn Rose at the Turfway Branch! She went above and beyond by providing unexpected expedited service! ... 
— Christina Stull
I recently applied for a credit card online. I received a call from Emily Snyder explaining what needs to be done next. It was easy and Emily’s customer service was excellent. Emily is a great... 
— Johnnie Bush
I met Emily Snyder because I had a flat tire in the parking lot of Cinfed Credit Union. I didn’t know what to do and she offered to help me. It was late in the evening and I didn’t think anyone... 
— Cindy Hyatt
Emily Snyder took care of setting up a consolidation loan for me on Saturday. She was very friendly, professional, and explained very articulately all the steps involved. Emily also opened a new... 
— Sally A Arbogast
I recently closed for a car loan and a credit card with Susan Z. Her service was excellent. We closed in a couple of days. She was so helpful with her knowledge. It was a pleasure to deal with her.
— Glenda Adkins
I cannot say enough good things about the service I have always received from Cinfed! Most recently, we refinanced a vehicle and dealt with Emily S.! She was quickly responsive and on top of her... 
— Serena Kain
I can say a million great things about Cinfed Credit Union and how they helped me over the years ,But there are many helpful service members, but one Great lady Is Mrs Susan Z. She is an Awesome... 
I have to say I think the new online banking update is pretty awesome. I love that the app is more up to date, clean and user friendly. Happy to be a customer with Cinfed.
— Kyle Neises
I have member with Cinfed for 24 years. The customer service is beyond great. Everything from daily banking to loan services. I recently purchased my daughter a car and originally it was going to be... 
— Tira Williams

NOTE: You are leaving Cinfed Credit Union's web site. Cinfed is not responsible for content or security policies of this external, linked web site.