Back to School. Back to the Bank.
Helping Families Build Smart Financial Habits This School Year
Back-to-school season is all about fresh starts. Families are shopping for supplies, establishing new routines, and preparing students for a successful year ahead.
While backpacks and notebooks are essential, there’s another lesson worth adding to this year’s checklist: financial literacy.
Teaching children how to save, budget, and make smart financial decisions is one of the greatest investments parents and grandparents can make. Those lessons don’t just help during childhood. They build confidence and habits that can last a lifetime.
For more than a century, we’ve proudly served Waukegan and the surrounding communities by treating every customer like a friend and neighbor, not simply another account number. Our team is here to provide guidance, answer questions, and help you find the financial solutions that best fit your family’s needs.
Why Financial Literacy Matters
Financial literacy is more important today than ever before.
U.S. adults correctly answer only about half of basic financial literacy questions, meaning many enter adulthood without fully understanding concepts like budgeting, saving, borrowing, and interest, according to the Global Financial Literacy Excellence Center (GFLEC) Personal Finance Index.
The good news? Financial confidence starts with small lessons at home.
When children learn how money works at an early age, they’re more likely to develop healthy financial habits that continue into adulthood.
Five Simple Money Lessons Every Child Should Learn
1. Start Saving Early
Whether it’s birthday money, allowance, or earnings from a summer job, every dollar saved helps children understand that small steps lead to big accomplishments.
Saving early also teaches patience, discipline, and delayed gratification, skills that benefit every area of life.
2. Set Goals
Saving is easier when children have something exciting to work toward.
Whether it’s a new bike, a gaming system, college expenses, or their first car, setting goals helps make saving meaningful and rewarding.
3. Understand Wants vs. Needs
One of the most valuable money lessons is learning the difference between things we need and things we simply want.
Teaching children to pause before making purchases helps encourage thoughtful spending instead of impulse buying.
4. Create a Budget
A simple budget doesn’t have to be complicated.
Helping children track where money comes from and where it goes introduces responsibility and prepares them for larger financial decisions later in life.
5. Build the Habit
A simple budget doesn’t have to be complicated.
Helping children track where money comes from and where it goes introduces responsibility and prepares them for larger financial decisions later in life.
A Great First Savings Account
One of the easiest ways to reinforce these lessons is by opening a savings account.
North Shore Trust’s Cuenta de Ahorro Kids Club gives young savers an exciting way to watch their money grow while learning responsible financial habits.
The account can be opened with just $5, includes a personalized passbook, and makes it easy for parents and grandparents to contribute through direct deposit or online transfers.
It’s a simple first step toward building confidence and financial independence
Financial Education Doesn’t End with Childhood
Learning about money isn’t just for kids.
Whether you’re preparing to buy your first home, planning for retirement, improving your credit, or simply looking for better ways to manage your finances, North Shore Trust offers a wide variety of free financial education resources.
Topics include:
Our goal is to empower individuals and families with the knowledge they need to make confident financial decisions.
