Teaching kids about money

Training 1075 minutesteach kids about money

You are 38, a pharmacist with a daughter, 8, and a son, 13. Kids learn money from what you do, not what you say. The best lesson: their own money and room for small mistakes.

Training goal: Teach your kids to choose, not just ask

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Situation

1. Your daughter begs for a $25 toy at the checkout and starts crying.

Buy it to stop the scene
Add the toy to her goals and save for it
Say "we have no money"

2. You decide to start an allowance. How much and how?

Give money on request, no set amount
Pay for grades and chores
A fixed weekly amount and three jars

3. Your son spends his whole allowance on a game on day one. A week later he asks for movie money.

No top-up: he waits for the next payday
Give him the money, poor kid
Scold him and cancel the allowance

4. Your son wants a $400 bike. He has $120.

Buy it now to make him happy
Add $0.50 to every dollar he saves
Tell him he is too young for it

What you will learn

Kids copy what they see, not what they hear.
A regular allowance and jars teach planning.
Small mistakes now are cheaper than big ones later, so do not rush to rescue.

Your real-life step

Set out three clear jars at home: spend, save, share. Let your child split the next allowance alone.

Questions and answers

At what age should kids get an allowance?

Many start at 5 to 7, once a child can count. What matters most is regularity and clear rules.

How much allowance should I give?

Enough to cover small expenses and reach a goal in a few weeks. Raise it with age and responsibility.

How do I teach a child to save money?

Give a visible goal, a clear jar and time. Matching each saved dollar speeds things up and motivates.

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Numbers are illustrative. A game, not financial advice.