January 14, 2025

Teaching your child to use financial tools can help them develop important life skills. As financial literacy programs sweep the country, they may start to learn in the classroom - but practical applications can drive these lessons home. With a few simple tools and strategies, you can teach your child the importance of money management while giving them more freedom.

Many children will benefit from having a personal savings account, even at a young age. You can tell when your child is ready by a few major factors¹. First, they should understand the essential concept of money and how it works, especially the idea that money is earned through work. Next, they should earn their own money, either through an allowance, household chores, or activities like running a lemonade stand. Lastly, you should have access to an institution with dedicated youth accounts, where you can supervise their financial journey.

Affinity offers several ways for members to establish their child’s first account. Children ages 12 and under can join the “Savvy Savers Club,” opening a savings account that allows them to earn dividends and cash rewards as they increase their balance. Teen checking and savings accounts are also available for members, allowing teens from ages 13-16 to open accounts with no fees or minimum deposits.

If you open an account for your child, you can also give them a debit card that allows you to turn access on or off as needed. This will allow them to manage their money using multiple tools and teach them not to spend more than they have. When they get their first credit card later in life, they may feel more confident and responsible. Start conversations about cashless payments now and provide assistance so they learn how to spend within their budget.

Affinity’s youth accounts give parents 24/7 access, providing you with peace of mind and oversight as you teach your child healthy financial habits. You can set automated alerts to stay up to date on all transactions. Teens with Affinity bank accounts are also eligible for our scholarship program², which can help them pursue higher education. These features make Affinity a perfect fit for families ready to introduce traditional banking while building a foundation of savings and financial responsibility.

For additional flexibility and hands-on financial learning, Affinity has partnered with Greenlight³, to offer all members complimentary memberships. Greenlight debit cards⁴ enable your child to spend and save in responsible, parent-approved ways while they earn up to 1% cashback for all transactions. As a parent, you can instantly transfer money to your child’s account, track spending in real time, and set customized spending controls, such as limiting spending to specific stores or categories. You can change your limitations as your child learns and grows, facilitating useful conversations. Greenlight also offers a built-in chore management tool, allowing parents to assign chores, track their completion, and automate allowance payouts. You can also introduce your children to the basics of investing, allowing them to gain hands-on experience with guidance. These features make Greenlight an ideal companion for parents who want to introduce more dynamic financial lessons and flexible controls as their child’s needs evolve.

Which Tools Are Right for Your Family?

For families prioritizing savings and traditional banking, Affinity’s youth accounts provide safe, growth-oriented options with no fees, scholarship opportunities, and full parental oversight. If you’re looking for additional features like chore management, spending controls, or an introduction to investing, Greenlight’s platform makes an excellent complement. Together, these tools give your child a well-rounded financial education, tailored to their age and stage of development.

By pairing an Affinity youth account with a Greenlight debit card, you can offer your child the best of both worlds: the structure and growth opportunities of a traditional financial institution alongside the modern flexibility and educational tools of Greenlight. For example, you might open an Affinity Savvy Savers account to encourage long-term savings goals while using Greenlight’s chore management and investment tools to teach responsibility and financial growth.

Leverage Affinity’s tools to teach your child how to save and spend money responsibly. Set them up for life success, and give them the financial freedom they need to feel trusted and capable. With a little effort, you have the opportunity to bond with your child and provide meaningful financial education.

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.

¹Retrieved from: https://www.affinityfcu.com/financial-wellbeing/blog/personal-banking/3-conditions-for-opening-a-youth-account-for-your-child

²Retrieved from: https://www.affinityfcu.com/foundation/scholarship-program

³Retrieved from: https://greenlight.com/affinity?partner=AFFINITY&promotionId=gl4b_affinity&plan=select

⁴Retrieved from: https://greenlight.com/debit-card