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Giving your kids a foundation of financial education can influence their spending and financial health later in life. That means they’ll understand how to avoid common issues like overspending, lack of emergency fund savings and heavy consumer debt.

Fortunately, with a few simple tips, you can teach your child financial responsibility at an early age so they’re better prepared for years to come.

Spending Responsibly


Earning an allowance can teach kids about expectations around income and working towards a long-term financial goal. They can earn an allowance by performing household chores or for schoolwork, whichever system works best for your family.

Once they’ve earned a consistent allowance, give your child freedom to spend those funds as they wish. Help them avoid impulse purchases to reinforce the idea that waiting pays off. Encourage them to save for big purchases they’re excited about and celebrate healthy spending with them.

Help your child track their spending too. Tracking each incoming and outgoing dollar by maintaining a spreadsheet will instill a habit of monitoring their expenses.

Saving for the Future


Help your kids learn to save over time for big purchases and open a savings account for them. Putting their allowance earnings in an account adds structure to their savings, and introduces them to banking services like using an ATM and becoming familiar with checks and debit cards.

This is not only a great place for your child to set their money aside, but through great interest rates, a savings account shows how their money can grow. This builds a foundation for other wealth-related financial responsibility concepts like investing and entrepreneurship.

A personal savings account with Inter National Bank (INB) requires only a $50 minimum opening deposit and gives you competitive interest rates that are paid quarterly. Plus, there are no service fees when you maintain a daily balance of $200 or more.

Entrepreneurship for Kids


Encourage kids when they have ideas for selling things they make, or providing a service to their friends and neighbors.

Good business venture ideas for kids include lemonade stands, yard sales or babysitting, but if your child has a creative idea, go for it! Let your child be part of purchasing supplies for the business, setting prices and collecting payments. This exposes them to budgeting how much they want to spend, building on those spending lessons they’ve learned, and also teaches them the concept of profit and loss.

They can apply these concepts later to create their own profitable income streams and maintain financial responsibility.

Inter National Bank participates in the annual McAllen Chamber of Commerce's Lemonade Day, which is a free community-wide educational initiative designed to teach children how to start, own and operate their own business - a lemonade stand. If you would like to register your child, contact Jorge Sanchez at the McAllen Chamber at (956) 682-2871.

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It’s also helpful for kids to develop critical thinking skills about purchases and wish lists.

Sit down with your child and write down the things they want to spend their money on. Ask them what value each toy or game has and how long things will last. Choosing and prioritizing their wish list will help them discover what means most to them in their spending.

Being Charitable

It’s never too early to teach kids about helping the less fortunate. Explain to your children that you give a certain percentage of your income or consistently support certain organizations or causes. Visiting a charity in person to volunteer or meet staff members will help to enhance the experience and satisfaction of giving back.

Whether your child is a budding entrepreneur or just needs to learn smart spending, financial responsibility can be introduced early. Inter National Bank is here to support your whole family as you grow and learn together.