David Libby is president and CEO of Town & Country Federal Credit Union and a resident of Scarborough.

For many young people, summer means freedom. School is out, schedules are lighter, and for thousands of teenagers, it’s also the season of first jobs, first paychecks and first real financial decisions.

As parents, we often focus on helping our children learn academic skills, sports and life lessons. But summer presents one of the best opportunities to teach something equally important: money management.

Financial habits begin early. Research consistently shows that many money behaviors are established by the time children reach adulthood. The good news is that parents don’t need to be financial experts to make a lasting impact. Some of the most valuable lessons come from everyday conversations and experiences.

If your child has a summer job, start by helping them understand their paycheck. For many teens, the first surprise isn’t how much they earn — it’s how much doesn’t show up in their account after taxes and deductions. Take a few minutes to review a pay stub together and explain what those deductions mean. Understanding where money goes is the first step toward managing it responsibly.

Next, encourage your child to create a simple spending plan. It doesn’t need to be complicated. A good approach is dividing income into three categories: spending, saving and giving. Maybe they set aside money for a new phone, future college expenses or a special purchase they’ve been eyeing. Learning to delay gratification and save toward a goal is one of the most powerful financial skills a young person can develop.

Summer is also a great time to introduce budgeting through real-world experiences. Before heading to the mall or shopping online, an amusement park or a weekend trip with friends, discuss how much they can afford to spend. Give them ownership over their decisions and allow them to experience the consequences, both good and bad. Sometimes the best financial lessons come from spending all your money too quickly and realizing there isn’t enough left for something you want later.

Parents should also model healthy financial behaviors. Kids pay attention to more than we realize. Talk openly about saving for family goals, comparing prices before making purchases, or why you choose to avoid unnecessary debt. These conversations help normalize financial planning and demonstrate that managing money is a lifelong skill.

Technology can be a valuable teaching tool as well. Debit cards, mobile banking apps and online account access allow young people to monitor balances, track spending and develop financial awareness in real time. With appropriate parental oversight, these tools can help build confidence and independence.

Most importantly, keep the conversation positive. Financial education shouldn’t feel intimidating or overwhelming. Focus on progress, not perfection. The goal isn’t to raise financial experts overnight; it’s to help young people build confidence and develop habits that will serve them throughout their lives.

No matter how you approach financial wellness with kids, we believe financial wellness conversations and learning opportunities should start early, all the while keeping it age- appropriate, but evolving as kids get older and have more access to their own money. Whether it’s opening a first checking account, receiving a first debit card or learning how to save from a first summer paycheck, every step creates an opportunity to build a stronger financial future.

Summer may only last a few months, but the money lessons learned today can last a lifetime.