Brains, Wealth and Women

6 Strategies of Teaching Kids About Money

teaching kids about money

Teaching kids about money will help them live financial independent lives in the future. Money lessons for children may feel scary or mundane, but as a working mom, I have a passion for teaching my girls about money management.

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Why Teaching Kids About Money Matters

Money is a topic we all deal with daily, yet many of us weren’t taught how to manage it properly growing up. As parents, we have the unique opportunity to change that for our children. Teaching them how to save, budget, and spend wisely can set them up for a lifetime of financial success. It also helps them develop responsibility, understand the value of hard work, and build confidence when it comes to managing their own finances.

1. Start With the Basics: Saving, Spending, and Giving

The earlier you start teaching kids about money, the better. You can begin by introducing the three key pillars of financial management: saving, spending, and giving.

  • Saving: Encourage your children to set aside a portion of any money they receive, whether it’s from chores, allowances, or gifts. You can create a fun savings jar or open a savings account to track their progress.
  • Spending: Teach them how to make smart spending decisions. Discuss the difference between needs and wants and help them think through purchases. Allow them to make small mistakes and learn from them—it’s all part of the process!
  • Giving: Show your children the importance of giving back. Whether it’s donating to a charity or buying a gift for someone in need, helping them understand the value of generosity is crucial.

2. Make It Relatable: Use Real-Life Examples

As a busy mom, I’ve found that incorporating money lessons into our daily routine makes the learning process easier and more relatable for my kids. For example, when grocery shopping, I’ll explain why we choose certain brands over others, compare prices, or talk about budgeting for family meals.

You can also use real-world events, like saving up for a family vacation or buying a new toy, to demonstrate the importance of managing money wisely while your teaching kids about money. These practical experiences give your kids a tangible understanding of how money works in everyday life.

Game night is always a fun time to introduce financial lessons to our kids! The author of Rich Dad Poor Dad created this game!

3. Encourage Earning Opportunities

Teaching kids the value of hard work is essential to understanding money. I believe it’s important for children to earn their own money so they can appreciate what it takes to make financial decisions. Whether through chores around the house, babysitting, or setting up a lemonade stand, offering earning opportunities helps instill a sense of responsibility and independence.

I love a good flash card set like this one!

4. Use Technology to Your Advantage

As a working mom, I rely on technology to make life easier, and it’s no different when teaching my kids about money. There are plenty of apps and tools designed to help children understand financial concepts, from digital savings accounts to allowance tracking apps. These platforms can make learning about money engaging and interactive.

Additionally, using online banking tools is a great way to teach older kids how to manage their money digitally, something they’ll need to master in our increasingly cashless society.

5. Lead by Example

Kids learn a lot by watching us, so modeling good financial habits is one of the most powerful ways to teaching kids about money. Be open about your family’s budgeting process, explain the importance of saving for the future, and show them how you make thoughtful spending choices.

In my household, we have regular conversations about financial goals, whether it’s saving for a fun family outing or discussing long-term savings plans. These discussions help normalize talking about money and show my kids that financial planning is a lifelong skill.

6. Be Patient and Keep It Fun

Learning about money doesn’t have to be a serious or stressful topic. Keep the lessons fun and age-appropriate, and remember that it’s okay if your kids don’t grasp everything right away. Financial literacy is a gradual process, and the key is consistency. Celebrate small victories, like when they reach a savings goal or make a wise spending choice, to reinforce positive behavior.

Final Thoughts: Empowering the Next Generation

As parents, we want the best for our children, and part of that is equipping them with the knowledge and skills to succeed in life. Teaching kids about money is an investment in their future. By starting early, using real-life examples, and making financial lessons fun and engaging, we can help them build a strong foundation for financial success.

The great news is that you don’t need to be a financial expert to teach your kids about money. As a mom juggling work and family life, I’ve found that the most important thing is to keep the conversation going and involve your kids in the process. Together, we can raise financially savvy kids who are prepared for whatever life throws their way.

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Hi! I’m Allison Conway, founder and CEO of Brains and Beauty School. A little more about Brains and Beauty School. Brains and Beauty School harnesses the power of feminine energy by supporting women establish their authority in business, boost their financial confidence, and cultivate a sense of outward confidence.

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Allison Conway

Brains & beauty school founder

I’m Allison Conway, the driving force behind Brains and Beauty School. As the visionary founder of this woman empowering consultancy, I am on a mission to empower women to harness their unique strengths, elevate their financial intelligence, and discover the transformative power of makeup.

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