Practical ways I have tried to raise financially wise children in a world built to spend.
Financial sense is one of the most valuable gifts I think we can give our children, and yet it is rarely taught in schools. What I have found is that everyday life offers no end of small chances to teach kids about money in ways that suit their age.
For Young Children (Ages 4-8)
- Use a clear jar for savings so they can see money grow.
- Give a small allowance and let them make spending decisions.
- Talk about needs versus wants when shopping together.
- Play shop or use board games that involve money.
For Older Children (Ages 9-14)
- Open a savings account together.
- Encourage them to save for something they want.
- Introduce the idea of earning through chores or small jobs.
- Talk about how advertising influences spending.
For Teenagers
- Talk about budgeting, bank accounts and interest.
- Involve them in family financial discussions where it makes sense.
- Encourage part-time work and responsible spending.
- Introduce basic investing concepts.
Train up a child in the way he should go; even when he is old he will not depart from it. — Proverbs 22:6