A recent Wells Fargo study found that 71% of parents give weekly allowances, yet 51% say they find it hard to explain money concepts to their kids.1 It’s a reminder that some of the most important financial lessons are also the simplest — and they often start early.
Joanie Gillis knows that firsthand. She grew up in a family where money was tight. Her mom was a schoolteacher, her dad an entrepreneur, and small decisions mattered.
When her family went out to dinner, Joanie and her siblings had a choice: order a soft drink or take $1.50 instead. Joanie chose the money every time.
On Sundays, her mom would take her to the grocery store, where there was a financial institution, and make a big deal out of depositing that $1.50. Even the smallest deposits felt exciting!
That simple routine stuck. Over time, Joanie began to understand that saving wasn’t just about money, it was about working toward something bigger. By the time she was 16, she had saved enough to help buy her first car.
Hear Joanie share how those early habits shaped her approach to saving:
Why Saving Early Matters
A savings account is not just a place to store money. It is where kids begin to understand how money works.
When children regularly deposit money and watch their balance grow, they start to connect effort with reward. Instead of asking, “Can I have this?” they begin asking, “How can I earn this?”
They start tracking their balance, making decisions about spending versus saving, and learning how financial institutions work — all through real experience, not just conversation. These are not just money lessons. They are life skills.
Start by helping your child save for a short-term goal. Whether it is money from an allowance, babysitting, a part-time job, or birthday gifts, having a clear goal gives their saving purpose.
When kids work toward something they want and reach it on their own, they are not just spending money. They are building discipline, patience, and a real sense of pride in what they have accomplished. That is how small habits turn into big milestones.
Make it a family moment. Stop by your local Park branch to open a savings account for your child and start building smart money habits together.
1.Wells Fargo Family Banking and Allowance Study (2025), Wells Fargo Newsroom
