InvestigateTV/WDRB) — A financial planning expert says preparing kids to manage their own money should start well before they receive their first debit card.
Stoy Hall, founder and CEO of Black Mammoth, a financial planning and wealth management firm, said parents should start teaching banking habits while kids are young, including holding monthly meetings about money.
Hall said one option some families use is a paid banking app for kids that combines account access, investing tools and financial education content. He cited Greenlight as an example he uses with his own children.
"We use it for our boys for two reasons: one, everything’s there, from investing to banking to the research behind it all," Hall said. "Plus, the second part is that it offers courses and classes that have been — a better term — gamified for kids to learn on that app itself."
Hall noted the cost varies by plan and is not free. For families looking for a no-cost alternative, he recommends checking directly with a bank or credit union, many of which offer their own financial literacy programs for kids. Reputable financial planners can also be a resource for parents who want to learn the basics themselves.
Hall said the most effective tool is a simple, recurring conversation.
"Once a month, sit down. Go through either your budget, their budget, their bank account, your bank account, credit cards, and just talk through the transactions one by one, their purpose," Hall said. "How does it fit for you now and how does it fit for your goals down the road?"
Hall said parents do not need to cover investments, savings strategies or how to write a check right away. Committing to that one monthly conversation, he said, is enough to start building a strong money foundation with kids.
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