What better way is there to celebrate the Month of the Military Child than by giving your kids the tools they need to secure their financial future? This month, I’m passing on some great resources and tips that I use with my own kids that can aid you in teaching your children about money, even if you sometimes question your own financial know-how.

Making sure my children develop a healthy relationship with money is important to me. After all, setting this foundation will go a long way towards helping them grow up with the confidence to make good choices with their money.

I know, you might be wondering where to start and what to say. If you’re like me, you might have a tough enough time just helping your kids with their homework! That’s why I’ve crafted this blog with straight-forward, age-appropriate tools so you can boost your kids’ money smarts, whether they are 3 or 19.

And if you’re planning to bring a new child into your MilFamily, there’s info for you, too. I provide resources new parents can use to secure your (and your child’s) financial future.

Talking about money

I’ve found with my own daughters that learning doesn’t have to be formal. In fact, teaching them about money works best in real-life situations.

• Maybe your preschooler gets curious when you pay for something in cash. You can use that opportunity to show your child coins and paper money and discuss their value. Or you can talk about how you earn money with your job. Your little ones might enjoy these kid-friendly videos about money which are short and engaging clips that can get the conversation started.
• For kids in elementary school, playing a board game with play money is great way to get your kids thinking about spending and saving. This is also around the age I started giving my kids an allowance to help them develop good personal habits with money. These videos for children ages 6-9 can help.
• If you have a tween, think about getting their help to grocery shop, open a savings account with them or have them watch our video about making impulsive purchases.
• Whether you have younger teens or older teens, there are plenty of ways to engage them in a conversation about money. At this age I feel like they’re asking me for money every time I turn around! I use these opportunities to discuss budgeting, the costs of owning a car or how much college costs. Believe it or not, it made mine think twice about asking for money! Maybe they just didn’t want to hear my lecture, but I’d like to think some of the lessons are sinking in.

Planting the savings seed

Regardless of their age, teaching your children the value of saving is among the best gifts you can give them. It can last them a lifetime. But I’ve learned that telling your kids to save is not enough. You’ve got to show them. Here are some of my favorite ideas:

• Use MilKids, which offers tips and tools to help your children become financially fit. From self-assessments to setting goals to finding fun ways for your kids to save, you can find it here.
• Revisit one of my previous blogs that outlines a phased approach to savings based on the age of your child.
• Whether your child is in middle school or going to college, this short video will help them understand compound interest, a fancy term for how your savings can grow while you sleep. Both of my daughters had jobs last summer and I had them watch this video to encourage them to open Roth IRAs and save a portion of their money each paycheck. I’ll admit, they were a bit reluctant at first, but it started to click as they watched their balance grow.

Learning from your peers

I’m a big believer in learning from others. After all, it takes a village when you’re raising kids!

• See how Illinois MilSpouse Gina and her service member taught their four kids “how to handle the money they had in healthy ways.”
• Annapolis MilSpouse Patty says, “My tip is you can never start too early!” She started teaching her 4-year-old daughter about the difference between want and need with her birthday money.
• A Fort Meade, Maryland, couple took a few quizzes on our website alongside their preteen son; quizzes included “Money Personality” and “Financial Readiness.”

Taking key steps as new parents

If you’re welcoming a new child, download this handy financial planning checklist from the Office of Financial Readiness so you can make sure you lay a good financial foundation. Then check out our New Child section for a more comprehensive overview to help you prepare financially for a new addition to your MilFam.

Bottom line: These aren’t always easy conversations, but seizing opportunities and starting that dialogue will go a long way towards their success. It’s worth it!

Mandi Moynihan is a CERTIFIED FINANCIAL PLANNER™ professional who has been with MilSpouse Money Mission since its inception. She also served in the Army and is the spouse of a retired service member.

MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward military spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!