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Classes are now in session! Does your child have everything they need in their financial toolkit to make personal purchases and conquer the school year with confidence?

Use the start of a new semester as an opportunity to teach your family what it means to be financially responsible. Here are three lessons you can share and put into action today.

Establish A Budget

Once your child is comfortable buying things on their own, have them write out their regular spending patterns. Where does their money go? What changes can they make to allow for important purchases?

Answer these questions by applying the 50/30/20 Rule — it's simple: 50% of their money is reserved for needs, 30% goes toward wants and the remaining 20% is for savings. This budgeting blueprint helps kids understand that managing personal assets is a balance.

Assign Chores & Set Allowance

Reward your child for helping around the house. Whether you keep it to a dollar or build it up as they age, a kid's allowance is the closest simulated experience to having a job. It's a great opportunity for them to be held accountable and get paid for their hard work.

If your kid is a visual learner, get a set of three plastic containers so they can watch their money grow for each spending category as they complete chores in real time. Now they have three piggy banks to manage and maintain at those 50/30/20 Rule levels.

Put Purpose Into Savings Plans

While buying is a straightforward concept, your child will probably need assistance with a savings strategy. It's smart to build an emergency fund, but the experience of saving up for their first pair of shoes or concert tickets is a lesson and memory they'll never forget.

Have them list bigger purchases they can't afford now but can save up for over time. Use a calendar to schedule checkpoints throughout the year to assess their progress and adjust their budget as needed to make sure they hit any personal long-term savings goals.

Are your kids ready for Greenlight? The debit card for teens and money management app for parents is available to our members for FREE when they sign up through online banking and link their Cinfed account as a funding source.* Learn more and get your family started today: cinfed.com/greenlight.