School expenses have a way of growing right along with your kids. What starts as a couple of boxes of crayons and a lunchbox can eventually become AP exam fees, college application costs, and dorm room essentials.

The good news? Planning early and teaching kids to save along the way can help make those transitions easier — while building lifelong financial habits.

Elementary school: Planting the seeds of smart saving

Elementary years are about building foundational habits — not giant balances. Even $5 or $10 a month matters at this stage, especially when kids are involved in the process.

Small actions, big lessons: Tips to make saving feel real

• Create a “learning fund” together: Instead of an abstract savings account, give your child’s savings a name they understand, like “field trip fund” or “new school shoes fund.” It makes savings goals tangible and gives kids an early sense of purpose.
  
  
• Match their efforts: Consider matching a small percentage of what they save from allowances, birthday money, or even recycling cans. It’s an early introduction to the concept of “free money” like employer 401(k) matches they’ll encounter as adults.
  
  
• Make saving a visual experience: Clear jars work for younger kids, but youth savings accounts with online dashboards can be exciting too. Some accounts — like the MySavings Youth Account — allow kids to track balances digitally, helping them see how small deposits add up over time.

High school: Turning strategy into action

By high school, expenses grow fast — sports fees, band equipment, SAT/ACT tests, and prom all add up quickly. This is also the perfect time to start looking ahead to college and, equally important, to involve teens in managing money.

Strengthen family savings strategies

• Build a “one-year-ahead” budget: Map out anticipated big-ticket expenses for the next school year — graduation costs, yearbooks, and driver’s ed. Planning in advance allows families to spread costs over several months rather than scrambling when bills arrive.
  
  
• Open or add to a 529 College Savings Plan: If you don’t already have a 529 plan for your teen, it’s not too late to open one. These accounts grow tax-deferred and can be used for qualified education expenses. Even small contributions to a 529 plan can help reduce future reliance on student loans and demonstrate to teens the value of long-term planning.
  
  
• Search for nontraditional scholarships: Don’t wait until senior year. Encourage teens to explore unique scholarships. Treating scholarship hunting like a part-time job can pay off in big ways later.
  
  

Teach teens to save and budget

• Give them real budget decisions: Involve teens in choices — like attending a pricey summer program or upgrading to a new laptop — and walk them through how it impacts the family budget. It’s a practical way to teach trade-offs and responsible decision-making.
  
  
• Encourage their own savings habits: Whether through a part-time job, allowance, or gift money, have them open a savings account and set personal goals, such as covering part of their prom expenses or saving for a car. Pairing independence with financial education prepares them for life beyond high school.

College: Saving while spending wisely

Between tuition, books, housing, and day-to-day expenses, college is a crash course in real-world money management.

Strengthen family & student financial foundations

• Create a “semester startup fund”: Big costs hit all at once at the beginning of each term — textbooks, lab fees, transportation passes, and apartment deposits. Planning ahead by setting aside small amounts during the summer (from family contributions or a student’s summer job) can ease the shock when classes begin.
  
  
• Leverage 529 savings and other family resources: If you’ve been contributing to a 529 plan, this is when it pays off. Many families don’t realize these funds can also cover technology like laptops and internet costs, not just tuition. If 529 funds aren’t available, consider setting up a dedicated college spending account for predictable expenses to avoid last-minute credit card debt.

Build smart money habits for students

• Budget for the lifestyle, not just the bills: Help students map out all monthly costs — groceries, late-night food runs, club dues, personal care items — so they aren’t blindsided. Encourage them to revisit their budget every semester as expenses shift (for example, living on or off campus).
  
  
• Automate good financial decisions: Introduce apps and tools that round up purchases into savings, send low-balance alerts, or automatically move a set amount to savings each month. These tools make it easier for students to build financial buffers without constant manual effort.
  
  
• Encourage an “emergency-only” credit card rule: If students have a credit card, coach them to use it for true emergencies only (like medical costs or urgent travel), not for everyday spending. Learning to rely on savings for regular expenses keeps debt from spiraling.

Why start now?

Teaching kids to save for school isn’t just about paying for next semester’s supplies — it’s about creating a mindset of planning ahead. Whether it’s a kindergartener watching their savings jar grow or a college freshman using a budgeting app for the first time, those habits compound over a lifetime.

Our MySavings Youth Account is designed to grow with your child, offering tools and features that make saving simple and engaging at every age. Open an account today and start building smart money habits that will last long after graduation.