Smart Money Moves for Every Age
As backpacks come out of closets and routines settle, fall is the perfect time for your kids to ace their budgeting skills. Whether your child is just starting to understand the value of a dollar, your teen is managing their first job, or you’re heading off to college, Canopy has great tips, accounts, and tools to support every stage of your financial life!
For Kids: Make Finances Fun
At Canopy Credit Union, we believe finances should be fun — and the sooner kids connect with money, the better. One of the biggest barriers to lifelong financial wellness is discomfort around money conversations. By making saving approachable now, you’re setting your child up for confidence and success later in life. Here are a few simple ways to build financial confidence at home:
- Teach the value of a dollar. Give your child a set amount of money and take them shopping for groceries, toys, or back-to-school clothes. Encourage them to track every item they add to the cart. This helps them learn the difference between wants and needs — and how to spot a good deal!
- Try an allowance. Not every family has room in the budget for one, but when possible, tying allowance to responsibilities (like chores or school performance) mimics a paycheck. Kids quickly discover the value of saving, the sting of a regretful purchase, and the pride of filling a piggy bank.
- Have honest conversations. Money can feel uncomfortable to talk about — even for adults. But sharing your experiences and answering your child’s questions helps normalize financial discussions and shows that asking for help is always okay.
- Open a savings account. A Youth Savings Account is a great way to encourage healthy money habits or set aside funds for the future. At Canopy, kids can earn prizes, enjoy activity books, and watch their balance grow. Each milestone is celebrated with swag or a prize, making saving something to look forward to.
Playful experiences and open conversations today can shape how your child views money for years to come — and with a little fun along the way, those lessons will stick.
Bonus Tip: Encourage your child to save for something small, like a favorite toy. When they reach their goal, celebrate together — it makes the lesson stick and turns saving into a joyful habit.
For Teens: First Steps Toward Independence
Teens are often balancing an allowance, part-time jobs, and growing expenses. This is a great stage of life to implement budgeting strategies to help them organize their funds. There are different approaches, and some styles work better for some people than others! The great thing about budgeting when you’re young is that you have the opportunity to try different styles and find the one that works for you!
Some of our favorite budgeting hacks include:
- Paper Envelope Method. Break your money into different “buckets” by placing cash into separate envelopes. For example: savings, necessities (like gas), and fun. This makes it easy to see where your money is going and helps you stay on track.
- 50/30/20 Rule. Divide your money into percentages: 50% for necessities, 30% for wants, and 20% for savings. If you have extra left over, you can put more toward savings or something fun.
- Pay-Yourself-First Method. Start by setting aside money for your wants, then use what’s left for savings and necessities. It doesn’t mean spending recklessly — it’s about building a budget that matches your unique situation.
Opening a checking account is a smart next step for teens ready for more financial independence! Checking accounts help you track your spending while keeping your savings separate and untouched. Look for accounts with perks, like rewards or high-yield options, which can help your money grow. Canopy Credit Union’s free rewards checking accounts are a great choice for getting started.
Bonus Tip: We’re huge fans of our online and mobile banking tools, such as our in-app budgeting tool! This helps you set and allocate your spending to a specific budget so you stay on track!
For Young Adults: Building a Bright Future
Young adults often experience significant changes in a short period of time. You may never have had to budget before, and suddenly have to pay for rent, textbooks, and a plane ticket home for the holidays. That’s a lot of potential stress, making this experience way more draining than it has to be! Luckily, Canopy Credit Union is in your corner–we have some stellar tips to help you get started.
- Know your limits. Before signing a lease or taking out an auto loan, sit down and figure out how much money you can realistically spend. Planning these major expenses ahead of time helps you stay within budget before any charges hit your account, and it sets the foundation for your overall financial plan.
- Plan for big expenses. Times of the year, such as the holidays or vacation, can be costly. Many financial institutions offer savings accounts designed for these purposes, often with extra perks. For example, Canopy’s Holiday and Summer Club Savings Accounts earn 2.02% APY on your balance, helping your money grow. Plus, early withdrawal penalties encourage you to leave your savings untouched and let them accumulate.
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Meet with a financial coach. While there are plenty of free resources online, not all advice is accurate — that viral TikTok may not be the best guidance. Canopy offers free financial coaching from certified coaches, available to anyone, member or not. They can help you break down your income, expenses, and goals so you can make confident financial decisions and thrive in every aspect of life.
In addition to the budgeting strategies we covered earlier, these tips can help you make the most of your money and discover what works best for your unique financial situation. Everyone manages funds differently, but the more tools you have, the more confident you’ll be in making informed choices.
Bonus Tip: Think about your expenses in a yearly cycle rather than a monthly one! This will help you set aside funds for larger, annual expenses you may forget about — such as the holidays or car insurance.
Build Your Budget, Build Your Confidence
Budgeting isn’t about restriction — it’s about freedom. When every dollar has a job, you gain clarity and confidence in your financial future. No matter your age, Canopy is here to support you with accounts, tools, and financial coaching that help you grow.
Ready to set your family up for success this school year? Visit Canopy Credit Union to explore youth, teen, and young adult accounts today!