Teach Your child Smart Money Making Decisions Young

Updated on November 19th,2018 –


Money makes the world go around. It pays the bills. That hard earned money allows you to feed your family.  It is an important step that should be taught early in life. Especially if you want your child to be successful as an adult.

Let’s say, for example, you take your child to the park. That drive to the park required gas. The gas you used to get there cost money.  And sure, its just gas but it’s not cheap.  Especially if your family so happens to be on a budget. Then that might be an additional expense that you couldn’t afford.

Having your Child become a Well Rounded adult is a Parenting Win

Since becoming an adult and recently a mom, my plate has grown substantially. I’m sure you’ve felt it too. It can be a lot of stress being a new mom, taking care of the household, a family, and everyday tasks. Money plays an important roll in adulthood. I wish that I had been taught more about money as a child. My parents never really talked to us about money growing up. I didn’t know my family was poor. My parents bless their hearts were good at distracting us from any money hardships we were going through.

As an adult, I wish I would have gone into adult life with a better understanding of money. I will admit, I’ve made plenty of bad money making decisions in my life. I am currently working my way towards being debt free, using a bullet journal to help me successfully create a budget, and trying to save money for emergencies. A few lessons I wished I would of learned young are balancing a checkbook, debt and how to stay out of it, how to properly use a credit card, and how to budget and use money wisely. All of these things are important and not something that was learned during my school career. I feel every parent should talk to their children about money and the consequences it can present later in adulthood.


Teaching Your Child the Importance of Money


When I was young, I didn’t understand the importance of money. I never understand that if I saved it instead of spending it like I usually did that I’d be able to purchase more at a later date. I was young and naive.  As I got older, I did get wiser with money. I wasn’t as prone to spend it on the first toy or video game I saw.  It can be hard for a child to understand money. That is why it is our job as parents to ease them into the subject. We want our children to understand and be smart with money. We want our children to make practical money-making decisions. I know for me, that lesson wasn’t learned until much later into my adulthood. A lesson I had figure out my self. A lesson I plan to teach my little one.


Five Ways for a Child to Learn the Value of Money




When I was a little kid, I never got an allowance. At least not that I can remember anyway.  My parents both worked. They didn’t always have the extra money to give my sister and I an allowance. And that is perfectly fine.  Sometimes it’s not possible to give your child everything they want. No matter how much we want to as parents. Any extra money they did have, they usually spent on my sister and I. We went camping a lot as a kid. During the summer, we went swimming a lot at our favorite pool. We went out for ice cream and had fun driving with the hood down on my dad’s jeep. These are some of my fondest memories of my childhood.


I do however feel a child should be given an allowance.  I think for a young child, maybe five dollars every week would be a good amount. Then as your child got older, the amount could be increased. I, however, do think that the child should have to earn the allowance in some way. Maybe your child could keep his or her room clean and earn five dollars because it stayed clean for a whole week. Your child could do simple tasks around the house. It all depends on your comfort level. Always supervise your child during these tasks, even if it is something that is seemingly harmless.


Your wallet should not always be open to your child if you ever want them to learn how important money is in life.




I feel like an allowance and chores kind of go hand in hand. But at the same time, I feel like they are also very different. I do remember getting money from my parents for doing chores around the house. They were always super simple chores. I wasn’t allowed to do a lot of things yet because I wasn’t tall enough or old enough. But I remember getting a certain amount if I kept my room clean. I believe chores not only teach children responsibility but can teach them that working hard will reap benefits.


Get them a Piggy Bank


Another way you can teach your child the value of money is to encourage them to save money. At the moment, anytime my family finds any spare change from either the dryer or just lying around, we set it aside. We have even gotten our little one into putting money into her piggy bank. She loves the noise it makes when it falls in. I think it is a great way to teach kids the power of saving money. Now Violet (my daughter) doesn’t understand what it means to save yet but we are setting the stepping stones down now while she is young. This will help her learn the value of money. She will also someday hopefully feel content knowing that she can save for something if she really wishes to buy it. This is a great way for any child to learn about saving money.


Take Your Child Thrifting


I have found that one of my favorite ways to save money is by going to the local thrift stores. I tend to find great deals on books, clothes, retro video games, and toys for my daughter. Just recently, in fact, I found a Paw Patrol, Zoomer Marshall. Normally Marshall retails for like fifty bucks at the toy store. I picked him up for twenty bucks. That is a huge saving, especially on a name brand toy that my daughter loves.  I have also saved so much money on all the retro games I have picked up from my local thrifts store.  Take your child to the thrift store. They will learn that their hard earned money stretches farther at the thrift store than it normally would somewhere else. Your child will most likely find something they love. And you’ll be happy knowing that you saved money and gave back to the community.


Let Your Child Pay for Items in the Store


I used to be a cashier at my local grocery store. One thing that always stood out to me was watching parents let their child help pay for the items at checkout. I always thought this was a really cool way to help kids understand the value of money. The great thing is, you can start them young. My two year old loves to help me pay the cashier when we go shopping. This is a fun way for your child to help out and learn the value of money. Next time you take your child to the store, try it out. I’m sure when you ask your little one for help, not only will you gain a little helper but their face will light up. One thing I have learned as a new mom is my daughter loves to help me with the everyday tasks.


I’d love to hear how your family encourages your children to learn about the importance of money. I hope my list helps you come up with some creative ways to help children save money while also teaching them the importance. How can I help make a difference in your life? How have you taught your child to about money? What tips do you have for other parents?

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