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Just because schools are clearing out for summer break doesn't mean kids should stop learning. When it comes to basic financial concepts, however, a textbook or set of flashcards will only get you so far. It's the real-life, practical lessons that really stick with young adults as they mature and experience money first-hand.

Here's how you can practice the fundamentals of financial responsibility with your children this summer.

Chores & Allowance

Put a price tag on different tasks around the house, from making the bed and vacuuming to doing the dishes and taking out the trash. Find creative ways to incentivize the kids to do their part keeping the place clean, and soon they will might look forward to doing chores.

An allowance teaches them not just discipline and accountability but also that hard work pays off. Treat it like a job: they'll get paid every week if they do what's expected of them.

Budgeting & Savings Goals

There's no better introduction to financial responsibility than a personal budget. Sit down with your child and map out their routine expenses and earnings from work, chores and allowance so they can visualize their money moving in and out from week to week.

A budget naturally lends itself to differentiating wants from needs. As your kids build up a bankroll and their spending habits evolve, they will start prioritizing essential purchases and saving up for an emergency fund or expensive items they only buy on occasion.

Keep Learning

Once your child has that foundation, it's important to continue growing and make sure they're comfortable talking about money. Encourage them to ask questions and stay curious to keep adding to their financial toolkit. They won't forget it later in life.

Visit our Financial Education Center for tips, tools and tricks to elevate your learning experience. Consider resources like MyMoney, a free course available to kids ages 14-18.

Looking to give your kids financial freedom without losing your control? Get them started with Greenlight — available to our members for FREE when you sign up within our mobile app and link your Cinfed account as a funding source. This is not your typical debit card, packed with features from automated allowance and precise spending controls to a dedicated financial education game. Learn more about the smart money app for families: cinfed.com/greenlight.