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Enjoy free and low-cost activities as a family.
Teach your kids about earning money.
Make them your budgeting buddy.
Open a children’s account at your local credit union.
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Summer break is almost here for kids in the Upstate and Midlands of South Carolina. Families are gearing up for fun activities like camping trips, beach vacations, and backyard barbecues. But just because school’s out doesn’t mean your kids have to stop learning. Amid all the summertime fun, there are many opportunities for you to weave money lessons into your activities and conversations.
Here are a few ideas that won’t feel like homework.
Enjoy free and low-cost activities as a family.
Participating in free summertime activities is a simple way to teach your kids that you don’t need to spend a ton of money to have fun.
Take a trip to the library, explore the outdoors at a park/nature trail, or spend the evening watching a movie in the comfort of your home. There are so many things you can do to bond as a family that won’t cost a dime. Whatever you choose, the important thing is that you’re doing it together.
Here’s a Tip: Check out our list of free and low-cost spring/summer activities for families in the Upstate.
Teach your kids about earning money.
During the summer, your kids will probably have more free time, and that’s the perfect opportunity for them to learn about earning their own money.
If you have a high schooler, they may be able to pick up a part-time job at a nearby grocery store or a local small business. Working a job can teach them important lessons about professionalism and time management, which will matter even more as they become young adults.
Kids too young for a traditional job can still learn about earning. Encourage your child to ask friends, family, or neighbors if they could use some help this summer. Weeding gardens, walking dogs, and washing cars are all tasks that most children can handle. Babysitting can be a good option for older kids who are ready for the responsibility.
When kids earn their own money, they start to understand its value. Topics like spending and saving make a lot more sense when they know what it took to make that money in the first place.
Make them your budgeting buddy.
Planning a backyard cookout or family get-together this summer? While you prepare, you can also teach your kids about budgeting.
Before you get the kids involved, figure out your maximum budget for the event. Then sit down with them to make a list of supplies you'll need to buy. Have them look up prices online or in a sales paper to stay within budget.
Once your list is set, take your kids to the store with you so they can help pick out items. Make sure they stick to the shopping list and don’t go over budget.
Here’s a Tip: Use grocery shopping to introduce the idea of comparison shopping. As you shop, have them help you compare prices to find the best value for your money.
Open a children’s account at your local credit union.
When your kid’s piggy bank gets full, it might be time to open their first savings account.
Spero Financial offers a Minor Savings Account to anyone under 18. Swing by a branch with your child to open one together. Putting their money in a savings account teaches the importance of saving for the future and keeps their funds safe and sound, rather than stashed somewhere in their room.
Here’s a Tip: Once your child turns 14, they’re eligible for a Student Spend account. Student Spend is a checking account designed specifically for students and has no overdraft fees.
It’s never too early to start building strong financial foundations. Pairing summer fun with financial literacy helps set your kids up for financial success as they grow.
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
