Kids are absolutely fascinated by money. If you have a baby, you may notice they’ll start showing curiosity about money as early as age three. 

Most schools don’t teach kids about money, even in high school. Like most things, it’s up to us parents. You should can start teaching your kids about money as soon as they show curiosity about it. 

For toddlers and little kids (3 - 5 yrs)

You can keep it simple at this age. Show them what coins and bills look like, then let them try paying with your help.

• Counting, sorting, and ordering money - Start with sorting coins, then explain their value so they can put them in order. Eventually, you’ll be able to do some light math as you show them how many pennies make a nickel, and so on.  

• Let them pay - If you’re buying something at the store, ask if they want to pay and give them coins, bills, or a credit card to use. You can support them through the process, and it helps them understand how money and transactions work.

For big kids and tweens (6 - 12 yrs)

As they say, “This is such a fun age” for money lessons. At this stage, kids can start earning their own money, saving up and seeing how money accumulates, and even learning about donating to charities.

• Earning money with chores - We are fans of rewarding kids for doing challenging “special projects” by giving them money. Allowances not tied to some kind of work fail to connect money to work, which is a #fail.

• Spend, save, invest, or give - Once your child actually starts accumulating their own funds, you can guide them in choosing how much to spend, save or invest. This little bank allows kids to slot funds into these categories. You can also set up a bank account for your kids! 

• Buy it yourself!  - When your child has money, you can tell them to buy their own toys, books, or whatever else they beg for while you’re at Target. This helps kids understand that money is limited, can only be spent once, and requires thought and planning.

Check out the full article for tips on teaching teens about money (using their favorite love language).