Idaho kids learn financial literacy early through creative programs and business ventures

From earning an allowance for doing chores to learning how to save those dollars and cents, experts say the earlier children can learn financial literacy, the better it is for them in the long run.

Whether it’s in the classroom or at home, children can benefit from learning the value of money and how to maximize its spending power. While there are any number of ways a child can learn to be smart about money, parents and agencies in Idaho are doing what they can to increase that knowledge and make it stick.

According to a report by Fidelity Investments, the number of adults who have an understanding of financial literacy is roughly 50% of the population, a statistic that hasn’t changed in about eight years. The firm also reported that, in 2024, 33% of Americans had more credit card debt than emergency savings.

Financial literacy can help avoid large amounts of debt, increase savings and help people plan for retirement. The earlier they can learn about finances, the better, said Celia Kinney, program coordinator for Consumer Affairs with the Idaho Department of Finance (IDOF).

“Kids begin forming money habits by the time they’re about 7 years old, so elementary school is a great time to start,” she said. “It doesn’t have to be complicated. Simple lessons like saving for something they want, making choices, or understanding that money is limited can go a long way. These everyday moments help kids build a foundation that sticks. When they start learning how to make thoughtful decisions about money early on, they’re more likely to carry those habits into adulthood.”

To that end, IDOF has supported certain programs such as the Piggy Bank Beauty Contest, now in its 16th year, and created by the Idaho Financial Literacy Coalition. Kinney said the department has been a longtime supporter of the contest, helping to promote it to increase financial literacy throughout the state.

“The Piggy Bank Beauty Contest is really about two things: Starting conversations and encouraging action,” she said. “It’s designed to get kids thinking about money in a way that feels creative and approachable, while also giving them something to do with what they’ve learning.”

She added that promotion of the contest also helps the IFLC reach more students and families across the state.

In Nampa, one idea has helped a family to learn those lessons and create a more solid financial footing.

At just 12 years old, Milena Khadzhi decided she wanted to get slimy. More to the point, she wanted to create something kids could play with by learning how to make slime, a popular pliable goo that’s somewhere between solid and liquid.

In the beginning, her mother, Yelena Khadzhi, wasn’t exactly thrilled with the mess that could come from such an endeavor.

“[Milena] came home and she’s like, ‘I want to try this,” Yelena said. “I’m like, ‘Don’t you dare.’ I didn’t want her to make a mess in the kitchen because I have five [children]. I don’t have time for this. So, she tried making it, and I got interested, too. Like, how do you actually make this?”

That was genesis of a business lesson that Milena didn’t expect. For her, it was all about learning how to make something herself. And, as many entrepreneurs will share, most lessons — and successes — come from failures.

“I tried a glue stick to make slime with, but that didn’t work,” Milena shared. “Then we went to the store and bought some glue because [my mom] wanted to help me do it. Then we bought stuff for activator, and we tried experimenting with how to make it.”

Milena added that sometimes scents and colors don’t always mix well and just trying different approaches has not only taught her how to perfect her product but it’s also been fun.

That experimentation led to creating a “base” slime from which several different textures and scents are made in one room of the Khadzhis’ home. From “icy” to “cloudy” slimes and those that smell like cotton candy to those with beads and little figurines, Milena and her family have and continue to create several new versions of slime.

Before dreaming up the slime idea, Milena had wanted to earn extra income for the family by selling lemonade at the Nampa farmer’s market. Because of the paperwork involved in selling food items, the idea proved to be too time-consuming and cost-prohibitive.

Slime? Not so much. Still, Yelena had her reservations.

“When she first approached me, I was like, ‘No, this is too much work,” Yelena said. “Because their dad passed away four and a half years ago. It’s just me and the kids and I have to work. Even though I wouldn’t mind the extra income, it’s another stressful thing on me.”

Milena persisted. Yelena was hesitant at first, but then instead of asking why, she asked why not. They began researching what it would take to sell their product. They figured out how to make labels, how to get packaging, and what to call the product. Since one of their favorite colors is hazel, they decided on Hazel Slimes.

From their first day at the farmer’s market where they did “pretty well,” according to Yelena, to opening an online store, HazelSlimes.com, to sell the product outside of Nampa and the state, the slime has gained in popularity.

“We went to kids’ markets, craft shows, places where there is a lot of crafty stuff where kids would mainly go,” Milena said. The resourceful 14-year-old has also had to learn how to market her product and talk to customers, becoming animated and excited when talking about her invention, how it’s made and how creative she gets to be in the process.

Along with her siblings, Albina, 13, Pavlina, 11, Yoidan, 9, and Ivanka, 7, Milena will create marketing and social media posts to increase engagement through platforms such as Instagram, TikTok and YouTube.

Even though Yelena works to make sure that her children can still enjoy their childhoods, she wants to give them the tools they needed to succeed as adults. She never pressures them to do more than they want but still provides the lessons they need to overcome life’s challenges.

“Mainly, I wanted them to learn to be in business or do something like that … managing your money is No. 1,” she said. “Being on top of that, you will succeed. If you just keep trying every day, just keep going at it. There are times where it’s hard. You want to give up. But you keep going. The more you work at it, eventually, you will get somewhere.”

Those lessons the Khadzhi children have learned at home, echo the lessons IDOF and the IFLC are trying to instill in the next generation through programs like the piggy bank contest.

“The goal is to introduce financial literacy early and reinforce it often,” Kinney said. “These lessons are essential, as managing money is a part of everyday life, and developing strong financial habits begins at a young age. As an enhancement to the contest, beginning this year each participating student and their teacher will receive a grade appropriate financial literacy lesson and activity sheet. We hope students will complete the lesson at home with their parents, while teachers guide their classrooms through the activity. In turn, we hope educators will encourage students to participate in the Piggy Bank Beauty Contest in future years, allowing them to continue benefiting from grade specific financial literacy lessons.”

Though the 2026 Piggy Bank Beauty Contest closes to entries on Feb. 28, resources for parents can still be found through IDOF and IFLC at finance.idaho.gov/consumer-education and idahoflc.org, respectively.

Ten semi-finalists will be chosen for the Piggy Bank Beauty Contest by March 4, and public voting will open online from March 6-20, 2026.

Thanks to her willingness to embrace the challenge and opportunity to teach her children a lesson that could benefit them for years to come, Yelena was able to quit her day job and take on management of Hazel Slimes and provide for her children.

The larger lesson for Milena, outside of managing money and creating a business, has been one of faith and perseverance.

It’s taught her “to not really give up. There will be struggling times and God will always be there to help you out with this,” she said.