Set your child up for financial success with these tips.

It's a fact: Kids who learn about personal finance early in life are more likely to make good financial decisions when they are older.

In addition, early financial literacy helps these future adults form responsible spending and saving habits throughout their life. They also turn into adults who are smart about investments!

Even though many schools have financial education programs, not all schools in our area teach our youth about how to budget, save, spend and invest. Many students leave high school without understanding the power of compound interest, for example.

Here at CommonWealth One, financial education is a part of our mission. That's why we offer so many programs to help all of our members learn and grow.

For young people, CommonWealth One offers several accounts, events and educational experiences that set the tone for a lifetime of financial responsibility and smart savings practices.

Our youngest members (up to age 12) can participate in the Centsables Youth Savings Program. This includes an account designed to reward savings. You can open an account for them with just $5. There are no monthly maintenance fees and even our young members can learn about interest when they earn 2.1% APY* on the first $1,000 deposited!

Once they grow out of the Centsables Youth Savings Program, we make it easy for youth ages 13 - 22 to start learning to handle a checking account. Our Student Checking Account includes "grownup" features like digital banking, a free Visa® Debit Card, and convenient access to a nationwide ATM network. We have a great Student Savings Account, too. (Don't worry! These accounts have plenty of oversight options for parents and guardians, so you can keep an eye on how your child's spending and savings habits are developing!)

In addition to getting your child their own savings or checking account at CommonWealth One, here are five more easy ways you can support your children's financial education at home:

1. Grocery store math lessons. While you're shopping, have your children help you find the best deals and lowest prices, calculate discounts and estimate the total bill.

2. Give kids an allowance. If your kids do chores — or any extra jobs around the house — pay them for it. You can pay them for doing individual chores, or give them a standard weekly or monthly amount for a set of chores. Either way, they can learn about earning money, the value of hard work, saving up for what they want and more.

3. Keep the conversation going. When you're in the car or at the breakfast table, talk about money! You don't have to tell your kids how much you earn, but you can talk to them about how bills work, how credit cards work, what it means to borrow money and other basics.

4. Pick up some books! Did you know that through August 31, your kids can earn up to $25 just by reading some books? CommonWealth One's Summer Reading Program is a great way to get your kids to read and learn about money at the same time. Learn more about how your child can earn $25 reading books at www.cofcu.org/summer-reading.

5. Sign up for Banzai! CommonWealth One offers members FREE access to Banzai, an interactive, award-winning series of online lessons about money. Your child can learn at their own pace about the topics that are most interesting to them. Join them for these lessons (many are aimed at adults, too.) and you can learn together! Start at cofcu.org/youthbanzai.

From when our youngest members receive their first birthday card with money inside to when our older members retire, CommonWealth One is focused on helping our members make smart financial decisions. We're looking forward to a new school year, and we're looking forward to helping you raise money-smart kids.