There’s no better time than now to start teaching kids about financial responsibility. At First Financial, we are committed to nurturing financial literacy and growth from a young age. Here are some practical tips to help your children develop strong financial habits that will benefit them throughout their lives.

1. Start by Including Them in the Conversation

You may not think to discuss money and finances with your children, but opening up these conversations early can help them grasp the importance of financial literacy and health. Start by teaching them the value of currency by having them earn money through simple tasks. Set savings goals and when they’ve reached a goal, discuss whether to spend the money earned on something they want now or to save it for the future. Pose the discussion around wants and needs and let your kids think through what is more important. This simple practice can instill lasting financial insights and habits. As your children get older, bring new topics into the conversation such as large purchases like cars, bills and expenses, as well as credit card use and debt. The more you discuss with them, the more prepared they will be for the financial realities to come.

2. Open a Savings Account and Encourage Financial Goals

Opening a savings account provides a safe place for your child to store their money, and helps them learn about interest and savings growth from a young age. For a great start, consider our First Step Kids Savings Account designed for Monmouth and Ocean County NJ children up to 18 years old, with no minimum balance requirements or fees and an opening deposit savings match of up to $25.* Once you’ve opened a savings account, set savings goals that can be tied to something your child can look forward to – a new toy, a special outing, or future education costs. Creating a visual savings chart can make this process engaging, and it’s also a good idea to plan monthly check-ins so your kids can watch the money grow in real-time.

3. Teach Budgeting Basics

Introduce the concept of budgeting by helping your child create a simple budget. This could include tracking their allowance, gift money, and any small earnings from chores or part-time jobs. Come up with some small ‘expenses’ so they can understand cash flow, and how to ensure you always have enough money to cover expenses, add to savings accounts, and have some left for miscellaneous spending and emergencies too. As kids reach their teenage years and beyond, our First Financial Student Checking Account for ages 14 to 23 – can facilitate this process with online banking features and electronic statements to make tracking easy.

4. Reward Academic Achievement

Incorporating financial rewards for academic success can motivate children to excel in their studies while learning the value of hard work. Our Dollars for A’s Program rewards Monmouth and Ocean County kids for getting A’s on their report cards, by depositing $1 for each “A” received into their First Step Kids Account.** These rewards keep kids focused on the importance of education and financial growth, while also ensuring their milestones are acknowledged and celebrated.

5. Make Learning Fun

Turn financial education into an engaging activity through contests and challenges. Every summer, our Reader Rewards Summer Reading Contest encourages kids to read books and earn rewards, making learning about finances more enjoyable. From now until the end of August, First Financial kids can earn $1 per book this summer – up to 10 books!⁺

First Financial is dedicated to fostering financial literacy and independence in young people. Our children and student accounts offer the perfect blend of education, practicality, and fun to help your kids develop strong financial habits. Start their journey to a secure financial future today! For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*Parent or guardian must bring both the child’s birth certificate and social security card when opening a First Step Kids Account at any branch location. Parent or guardian will be a joint owner and must also bring their identification. A First Financial Membership is open to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties. Must open a new First Step account to receive piggy bank, passbook, and to qualify for initial account opening savings match up to $25. The credit union reserves the right to change or cancel this offer at any time. See credit union for details. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account.

**Available for First Financial members between 1st and 12th grades. Child must be present and a deposit to a First Step Kids Account is required to receive the Dollars for A’s incentive. Offer applies only to report cards for most recent school terms. Qualifying report cards must be submitted within 45 days from the date of issue. No back rewards available for prior semesters or marking periods. Letter grade “A” (or school district’s equivalent) or 90%+. Limit of $10 will be rewarded for A’s per each marking period, not to exceed $40 in Dollars for A’s deposited per school year or calendar year.

+First Financial Kids up to age 18 are eligible to participate in our Summer Reading Contest each July and August. Credit Union membership and First Financial Savings Account are required to participate. Participants will earn $1 per book read, up to 10 books. Each book requires a separate entry form to be filled out online using our electronic entry form. Only completely filled out entry forms will be eligible for reader rewards. Participants will earn 1 entry per book read in our prize drawing of three Barnes & Noble® Gift Cards in the amount of $75, $50, and $25. If the parent/guardian prefers – Reader Rewards can be electronically deposited to the child’s First Financial Savings Account when a confirmation email for each book read (up to 10 books), is received and reviewed by the Marketing Department upon completion of a digital entry form. Reader Rewards can also be redeemed in person in any First Financial branch by displaying the confirmation email(s) to a branch employee on a mobile phone or printed out.​ The 3 prize winners will be drawn at random and will be contacted by the First Financial Marketing Department by September 15^th.