How to Teach Kids About Money (Even If You Weren’t Taught Yourself)

Let’s be real - many of us didn’t grow up having open conversations about money. We learned by trial, error, or not at all. But that cycle can end with you. Whether you’re a parent, aunt, uncle, godparent, mentor, or teacher - your influence matters.  The truth is: you don’t have to be perfect with money to teach children how to manage it wisely. You just have to start. And it’s never too late or too early.

WHY IT MATTERS

Children are absorbing money habits long before they ever earn their first dollar. From watching how we spend, save, or stress, they’re taking mental notes. Imagine the gift of raising a generation that’s not afraid of money but knows how to use it wisely and confidently.

Budgeting Basics Boss Insight: Financial literacy is one of the greatest forms of empowerment. It’s the gift that keeps on giving - for life.

START WHERE YOU ARE, USE WHAT YOU HAVE

You don’t need to be a financial guru. You just need to keep it simple, consistent, and honest.

Here’s how you can teach kids about money, even if you’re still learning too:

1. Use Real-Life Moments

At the supermarket? Show them how to compare prices.

Paying bills? Explain what they’re for and how budgeting works.

ATM withdrawal? Teach them that money doesn’t just “come from the machine.”

Use everyday moments as lessons, they stick more than lectures.

2. Introduce Basic Concepts Early

Even toddlers can understand simple lessons:

• Saving: Use a clear jar or digital piggy bank so they can see their money grow.

• Spending: Let them make small decisions with birthday or chore money.

• Sharing: Encourage giving to causes they care about.

As they grow older, build on those lessons:

• Wants vs. Needs

• Budgeting basics

• Delayed gratification

• The importance of earning

Budgeting Basics Boss Tip: When they earn it, they value it more. Chores, mini-businesses (like lemonade stands, art or crafts), or earned allowances help build ownership and work ethic.

3. Be Transparent, Not Terrifying

Don’t hide money mistakes, use them as teachable moments.

You can say, “I didn’t learn how to budget early, and I made some choices I regret, but now I’m learning and doing better. And I want better for you too.”

Let them know that making money mistakes is human, but learning from them is power.

4. Make It Fun and Interactive

Turn money talks into games or activities:

• Board games like Monopoly or PayDay

• Budget challenges: Give them $500 “pretend dollars” to plan a party or trip

• Role play: Let them be the store manager or customer with toy money

Learning doesn’t have to be boring. Make it memorable.

5. Use Tech and Tools

There are amazing apps and websites tailored for kids and teens:

• Greenlight or GoHenry (kid-friendly debit cards with parental controls)

• PiggyBot (a saving/spending/sharing tracker)

• Investopedia (for older kids and teens learning finance terms)

Also, check out books like:

• Money Ninja: A Children's Book About Saving, Investing, and Donating by Mary Nhin (for little ones)

• The Richest Man in Babylon by George S. Clason (for Teens)

• Smart Money Smart Kids: Raising the Next Generation to Win with Money by Dave Ramsey & Rachel Cruze

6. Teach Values Alongside Value

It’s not just about dollars and cents, it’s about character.

Talk about gratitude, generosity, discernment, and contentment. Remind them that wealth isn’t just what you have, but how wisely you manage it and who you become in the process.

KEEP THE CONVERSATION GOING

Money isn’t a “one and done” talk - it’s a lifelong conversation. The more open and confident you are, the more comfortable they’ll be asking questions, making smart decisions, and building a healthy money mindset.

Remember, you’re breaking generational cycles. That’s no small thing.  You don’t have to know everything to teach something. Start small, stay consistent, and grow together.

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