Youth Savings Month at Breakwater

September is Youth Savings Month at Breakwater! As students head back to school, we think it’s a great time to encourage youth of all ages to build smart spending habits. That’s why we are holding a special Youth Savings Month giveaway!

Youth ages 0-17 who open an account or make a deposit into an existing account during the month of September will:

Receive a FREE Breakwater Piggy Bank & Stickers
Be entered into a drawing to win one of two giant stuffed piggies from our “Charlotte’s Web of Savings” parade float and a copy of the beloved book Charlotte’s Web by E.B. White

When kids learn about the importance of saving money and why they should store it in safe place, they learn important money skills that will last a lifetime.

Opening a Youth Savings Account at Breakwater

Youth and teens can open a savings account with as little as $5 to cover the share deposit.

What to bring with you when you open an account:

Valid photo ID (for minors who do not have a photo ID, we require copies of both their birth certificate and social security card)
SSN (if applicable)
Proof of address (if different from the one, or if not listed, on your ID)
$5 share deposit for Youth Saver/ Teen Saver accounts

Age-Appropriate Tips for Teaching Kids About Finances

Empower your children to develop smart financial habits by using age-appropriate language and activities.

Preschool

At this early stage, kids are just beginning to understand basic money concepts. When they go to a store with you, they’ll see how money is used to buy the items you bring home.

Introduce Coins & Bills: Let them handle play money or real coins and show them how to recognize the differences between them.
Play Pretend: Allow children to use play money or real money to “purchase” toys or snacks. This will help them understand the exchange of money for goods.
Start a Piggy Bank: Allow your child to use a piggy bank to save coins they find or money they are given. Periodically bring this money to deposit in their savings account.
Introduce Needs vs. Wants & Model Good Spending Habits: Explain the difference between necessities (like food) and things we want (like toys or candy). Explain why you say “no” to some purchases and “yes” to others.

Elementary School

By elementary school, kids start learning math and can begin understanding the value of money.

Practice Counting Money: At this point, your children should recognize the difference between different coins and bills. Now help them understand their value and practice counting money.
Give Allowance: Provide a consistent age-appropriate allowance as a tool to teach financial skills. Provide additional rewards for extra chores or success beyond their typical responsibilities.
Practice Saving, Spending, and Sharing: Divide allowance into jars or envelopes for different purposes.
Set Small Savings Goals: Saving for a toy, book, or outing will help your child connect patience with reward.

Middle School

Preteens can start handling more responsibility and learn about larger financial concepts.

Earning & Tracking Money: By this age, your children may be earning extra money by babysitting, shoveling for neighbors, pet-sitting, or setting up a lemonade stand. Teach them to count and keep track of their earnings, savings, and spending.
Teach Budgeting Basics: Use everyday experiences to teach the basics of budgeting. Give your child a dollar amount to plan a family meal and work together to decide what to buy.
Talk About Comparison Shopping: Show your child how to compare prices, use unit pricing, sales, and coupons to stay within their budget.
Discuss Advertising: Help your children recognize how advertisements try to influence their spending habits.

High School

Teens are preparing for independence and need real-life money management skills.

Encourage Part-Time Work: Allow your child to get a work permit and start part-time work. Show them how to read their paycheck, manage their earnings, and balance their time.
Set Up Direct Deposit: When your child starts their first job, they may have the option to set up direct deposit.
Introduce Debit Cards & Responsible Spending: Tees age 15+ qualify for a checking account and debit account with parental authorization. This can be a great way for them to build responsible spending habits with supervision.
Use Mobile/Online Banking: Download our app and show your student how they can use online/ mobile banking to make transfers, deposit checks, review their balance, and more!
How to Use an ATM: Show your teen how to use an ATM and how to find ATMs within the MoneyPass network.
Talk About Credit & How to Plan for the Future: Introduce them to credit and help them prepare for adult expenses that they will incur after graduation.