Learning about money

Introducing Money (Ages 4 to 8)

For young children, it’s a good time to introduce the concept of money, why it is important and how you earn it. At this age, children may have seen you use money when paying at a store or have been given money for a gift. These are great opportunities to discuss the concept of money and be open to questions.

At Libro, we have fun and useful resources for young children to learn about the concept of money. Take a look:

• Kids’ Savings Calculator: Helping children and teens understand how long it will take to save for a new purchase or experience
• Bill’s Beakon Newsletter – Libro’s quarterly newsletter for kids
• My first budget worksheet

Money Basics (Ages 9 to 13)

Older kids and tweens may have started to earn their own money through an allowance, a small business, or gifts. They may have even made independent purchases and saved up for something new.

This is a good time to open up your child’s first savings account at Libro. Our friendly Coaches will sit down with you and your child to discuss how depositing money at Libro will keep their money safe and allow it to grow. We can even provide your child with their own debit card and teach them how to use it wisely.

At Libro, we have fun and useful resources for tweens to learn about earning and saving money. Take a look:

• Kids’ Savings Calculator: Helping children and teens understand how long it will take to save for a new purchase or experience
• Teen Prosperity Planner
• Bringing Home the Bacon Game

Budgeting & Saving (Ages 14 to 18)

Teens may have their own bank account, use a debit card, and earn money through a part-time job. This is a great opportunity to discuss saving for the future and becoming financially independent.

Guide your teen through a budgeting exercise using their own expenses, such as buying or paying their cell phone bill, or using your household expenses as an example.

Older teens preparing for post-secondary education should also be aware of the cost of tuition and living expenses for their next stage in life.

At Libro, we have useful resources for teens to learn about budgeting and saving for the future. Take a look:

• Kids’ Savings Calculator: Helping children and teens understand how long it will take to save for a new purchase or experience
• Teen Prosperity Planner
• Post- Secondary Education Planner
• Student Loans and Lines of Credit
• Libro Student Awards