With summer comes flexible schedules, sunny days, and free time for families. Beyond pool parties and popsicles, it’s also the perfect season to teach your children valuable lessons about money.  Kids are eager to earn money, and with the right tools, you can help them learn to spend and save responsibly.

Why Summer is Ideal for Financial Lessons

With fewer academic commitments, children have more time and energy to take on chores, summer jobs, or entrepreneurial activities like mowing lawns, running lemonade stands, or babysitting. These are great opportunities to teach how earning money works – and just as importantly, how to manage money wisely.

As a mom, I know how important it is to prepare kids for the future in ways that are engaging and age-appropriate.  I’ve seen firsthand how much my kids enjoy the independence that comes with managing their own money, it builds confidence and responsibility.

Tools That Make it Easy to Educate and Save Money

Greenlight has been a valuable tool for families to help educate children and give them the freedom to spend and save. Greenlight is a money app and debit card for kids.  It connects chores to allowance or one-time payments, helping children learn real-world money management in a safe environment.  INB families can join for free*, making it an easy way to get started.

Learn more about Greenlight and register here.

How Much Should You Give for Allowance?

A common question parents ask is: How much allowance should I give my child?

According to T. Rowe Price’s 14th Annual Parents, Kids & Money Survey:

• The national average for allowance is $19.39 per week
• 35% of parents pay in the range of $11–$20 per week
• A popular method: $1 per year of age ($7/week for a 7-year-old)

Smart Strategies for Teaching Children About Money

Every family is different, and there’s no one-size-fits-all approach to financial education. Whether or not you use allowance, here are some effective and fun ways to help your child build money skills:

Set Clear Goals

Help your child understand the why behind money—whether it’s saving for a toy, giving to a cause, or learning to manage spending.

Tie Money to Effort or Chores

Many families tie allowance to chores. You could assign tasks with payments per completion, set up a weekly chore checklist, or keep allowance separate from household responsibilities entirely. Greenlight makes it easy to track chores and payments.

Make it Fun

• Play money-themed games like Monopoly or The Game of Life.
• Try a grocery store challenge: give your child a budget and a list to see if they can stay within budget.
• Let the kids plan a family outing with a set budget—they’ll quickly learn how fast money goes!

Understanding and Build Real-World Experience

Finally, consider your child’s financial knowledge. Do they understand budgeting? Do they have savings goals? Their level of understanding can help determine how much freedom you give them with their allowance and what additional guidance they may need. 

Take your child(ren) to a bank, open up a checking or savings account and give them the opportunity to get hands-on experience.   Find a local INB Branch near you and allow our expert bankers to assist you in your financial educational process.

Don’t Let Summer Slip By

Summer flies by so use this time to build your child’s financial confidence.   With tools like Greenlight (free* for INB checking and savings account customers), it’s easier than ever to start teaching money skills that will last a lifetime.

Disclosures

*INB, National Association customers are eligible for the Greenlight SELECT plan at no cost when they connect their INB, National Association account as the Greenlight funding source for the entirety of the promotion. Subject to minimum balance requirements and identity verification. Upgrades will result in additional fees. Upon termination of promotion, clients will be responsible for associated monthly fees. See terms Greenlight for details. Offer ends 11/22/2027. Offer subject to change and partner participation.