Teaching Financial Literacy When School’s Out

School may be out, but summer is actually one of the best times to teach your kids something they won’t learn from a textbook: how to handle money. With a little more free time, fewer packed schedules, and plenty of real-life opportunities, the warmer months are the perfect window to build money habits that last a lifetime. 

Whether your kids are counting coins for the first time or old enough to start thinking about saving for something bigger, here are some simple, fun ways to make financial literacy part of your summer.

1. Give Them a Real Budget for Something They Care About

Nothing makes money feel real faster than having to manage your own. If your family is planning a summer vacation, give your kids a small daily spending budget for things like souvenirs or treats. If a big trip isn’t in the cards, try it at a local fair, farmers market, or even a trip to the dollar store. 

Let them make the decisions and feel the natural consequences. Spending it all on day one means no treats on day two. It sounds simple, but it’s a lesson that sticks. 

2. Start a Savings Jar for Something They Actually Want

Kids are way more motivated to save when there’s a goal in sight. Help your child pick something they genuinely want (a new video game, a pair of shoes, a bike accessory) and figure out together how long it will take to save up for it. 

A clear jar works great for younger kids because they can actually see the money growing. For older kids, consider opening a Buckaroo savings account (or NEXT account for your teens) so they can track it digitally and feel like a real saver. 

3. Put Chores on a Pay Schedule

Summer chores are a given. Why not attach a paycheck to them? Set up a simple system where kids earn money for completing specific tasks around the house. Mowing the lawn, washing the car, weeding the garden, or babysitting younger siblings can all be on the list. 

The key is consistency. Pay them on a set day each week so they start to understand the connection between working and earning. You can even help them divide their earnings into categories: spend, save, and give.

4. Play Money Games

This one is more fun than it sounds. Classic board games like Monopoly, Payday, or The Game of Life sneak financial learning right into family game night. Younger kids love playing “store” with real coins, which builds familiarity with currency without any pressure. 

There are also some great apps and online games designed specifically to teach kids about budgeting, investing, and earning. A quick search will turn up plenty of free options for different age groups.

5. Take Them to the Bank

Bringing your kids along on a trip to Deerwood Bank is a simple way to demystify banking. Show them how a deposit works, talk about what a savings account does, and let them ask questions. Kids who feel comfortable in a bank setting early on are much more likely to take ownership of their finances as they grow up.

6. Have an Honest Conversation About Money

It doesn’t have to be complicated or shameful. Even a 10-minute conversation about how your family budgets for groceries, utilities, or a summer vacation can make a big impression. Kids are perceptive, and when adults talk openly about money in age-appropriate ways, it helps them develop a healthy relationship with it. 

You don’t need to share every financial detail. Even something like “we save up for this trip all year” teaches them that good things take planning. 

The Bottom Line 

Financial literacy isn’t a one-time lesson. It’s built through small moments over time. This summer, you have a great opportunity to weave those moments into everyday life in ways that feel natural and engaging for your kids. 

At Deerwood, we believe that smart money habits start young. If you’re looking for the right accounts to help your kids get started, our team is happy to help make it Nice & Simple.