July 22, 2026
12 Things to Teach Your Children About Money
- Money can only be spent after it has been earned.
- Starting around age five or six, talk to your child about money naturally. Avoid making it a taboo topic, but don't obsess over it either.
- During small shopping trips, let your child hand over the cash and help them calculate and collect the change.
- As soon as your child begins asking to buy specific toys at the store, you can start considering giving them an allowance.
- The allowance amount shouldn't be so small that they can never save up for anything, nor so large that they can buy everything instantly. It is important that they learn to put in a little effort to get what they want.
- From the age of 13, help them explore creative ways to earn their own pocket money by working during school breaks.
- Guide your child in managing money and budgeting. Learning how to value and grow money is just as important as earning it.
- Teach them a healthy saving habit: only half of the money saved in their piggy bank should be spent, while the other 50% remains as long-term savings.
- If your child makes a financial mistake, treat it as a valuable learning opportunity. Talk about what happened and what they can do differently next time.
- Remember that children learn by example. Your own relationship with money and budgeting should be transparent, organized, and positive.
- As they grow older, you can share your family budget planning with them. This helps them learn how to manage their own budget early and naturally.
- If your child has an authorized card, set clear boundaries on credit card use if their allowance or earnings cannot cover the monthly expenses.