When to teach kids money

Okay, so you can’t talk about stocks with your 3-year-old kid, but don’t underestimate your kid’s financial acumen.

according to Cambridge University Research, Children can start to learn financial management concepts at the age of 3 and develop financial management habits at the age of 7. It seems very young, but children are like sponges, they pick things up quickly!

Therefore, if you are considering when to start talking about money with your child, now may be the right time.

When to start talking about money with your child

It’s almost never too early to start talking about money and indoctrination with your child Good financial management habits. However, this does not mean that you should share all your financial worries and pressures with second-year students. It is important to introduce the concept of money in an interesting and age-appropriate way.

Whether it’s reading children’s books about money, playing fun games with financial elements, or even simple Conversations about money, You can use a variety of methods. The important thing to remember is that children learn financial skills mainly from their families. So, try to normalize the money conversation at home, talk openly about your finances, and be commensurate with your age.

If you are not confident in teaching your children about money, don’t worry. It is not up to you to get all the answers.You can still improve and support them financial knowledge Serve as their financial guide. When you don’t know the answer to your child’s question, point them to useful books or other financial resources.

How to teach kids money for different ages

The benefits of talking with your child about money and introducing financial topics early cannot be overemphasized.Here are some of my favorite methods Teach kids money, No matter how old they are.


For parents of young children, consider introducing a piggy bank. You can teach your children how to recognize different types of coins because they use their fine motor skills to put pennies, dimes, and quarter coins into the coin slot. They can also practice counting as they put each coin in the piggy bank.


Make money by playing the shop with your kids. Let them act as shopkeepers and then go to their store to buy different goods. This will teach your preschoolers how to exchange goods and money. Tell them you want to buy one of their toys and ask them how much it will cost. You can use game currency to demonstrate the exchange of toys for cash. This also gives them the opportunity to understand financial concepts such as purchase, sale, value, cost, and price.

Kindergarten children

You can continue to play games with children in kindergarten. This time, play a banking game. Let your child pretend to be a bank teller. You can bring your debit card to the bank to deposit or withdraw money. Then switch roles-you play the role of a bank teller and let your children come to the bank for a new financial experience. This provides an opportunity to discuss the concepts of savings, banking and debits.

primary school

Take your elementary-age children to the store and enjoy a fun financial experience. Discuss with them the items and prices you are going to buy. Show them your shopping list and stick to it. Tell them why they can’t have all the candies or toys they see. This experience can reinforce the notion that things cost money.It also gives you the opportunity to discuss needs and desires-you don’t have need A piece of chocolate, you only need think one. Delaying gratification is another important lesson that can be learned.Tell them they can have the toys they want, but they need to save money pocket money In order to buy it.

When you are ready to check out, encourage your child to watch the cashier sort the items for you. Then, let them pay for you. They can help you count the cash, or you can let them use your credit card. This provides you with an excellent opportunity to introduce the concept of credit. When you are done, show them the receipt so they can understand all the costs.Overall, a trip to the grocery store might be great Kids’ financial lesson.

Middle school

Make money through family game nights. Pull out Monopoly or Game of Life and enjoy time together while sharing important money lessons. Board games can be a great way for your middle school students to discuss concepts such as rent, bills, budgets, and even bankruptcy.

Middle school

Don’t hold back when teaching older kids about money. You don’t want to scare your high school students, but you definitely want them to prepare for the real world. It is your mission to let them understand financial knowledge before graduating from high school. Before they leave your home, you want them to understand how to use credit cards responsibly and the importance of having a good credit score.

Talk to your children about student loans and even show them amazing student debt statistics. Introduce them to the concept of investment and the magic of compound interest. Similarly, if you have not fully understood some of the concepts yourself, please take this as an opportunity to learn together. Find a new finance podcast, listen to it in the car with your kids, or share your favorite finance blog sites with each other.

What to avoid when teaching kids money

Now that we have introduced some effective ways to teach kids of all ages about money, what should you avoid? Although being open, honest and age-appropriate is a good idea, it is best to avoid the following points:

  • Avoid fierce money conversations -Try not to argue or argue about money in front of your children. You can have money conversations and even discuss your financial mistakes, because this is a great way to help them learn. However, fighting for money is not acceptable, because it creates a negative connection between argument and money.
  • Don’t imitate financially irresponsible behavior – Toddlers learn through modeling. There is something to learn. So, if moms and dads always buy things they can’t afford and use their credit cards to swipe their cards, don’t be surprised if their children make some of the same financial mistakes when they grow up. Do your best to model responsible financial behavior, and if you make a mistake, please talk about it.
  • Don’t make money a taboo topic – Many people feel uncomfortable talking about money. This may be because their parents do not talk about money, or it is impolite to talk about money. However, it is time to break this cycle. If you want to raise kids who are proficient in money, then you need to create an environment where they can easily ask questions and have financial conversations.
  • Don’t give them everything – If your children see you as a bank that is open 24/7 and always full of money, they will not learn to equate money with hard work or work. Teach your children that money will not grow on trees. Let them work for it. Set age-appropriate housework and let them earn a dollar of value.

There is no time to teach your kids about money like now

No one wants you to know all the answers on the topic of money, so don’t let this scare you. Go! If you want to train smart kids, the most important part is to start early and talk often.

— Jessica Martel

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