teach kids to manage money
Written by Karlee Steffanni

Creative Ways to Teach Your Children How to Manage Money

Creative Ways to Teach Your Children How to Manage Money

In today’s world, children are constantly being fed information. Whether they’re browsing the internet, scrolling social media, or simply watching cartoons in the morning, the message is clear: something out there is better than what they already have. So how can we teach our children to manage money in this digital landscape?

Better yet, how do we teach kids the value of money in a world where money is transforming from tangible and physical to cryptocurrencies and direct deposits where we almost never deal with actual cash?

Luckily, as the world changes, many of the lessons we need to teach our children remain the same, we just have to get a little creative with them. Here are some ideas, from our team at HotelierCo, for when you decide it’s time to have the money conversation with your little ones.

Take a Trip to the Bank

Sometimes children see their parents go to the bank or use credit/debit cards, and they start to believe that these are magical entities used by grown ups when they need more money. 

children money management bank

While that would be wonderful, unfortunately for all of us adults, that’s not how the world works. 

To get your children to understand this, let them come to the bank with you to take money out. 

Explain to them that you earn money when you go to work, but the bank is a place you can put it for safe-keeping.

Introduce Them to Money With a Purchase

There comes a time in almost every child’s development when they start asking for toys almost every time you make a trip to the store. Now that they have an idea of what money is and what it’s used for, let them buy something on their own. 

Start by having them buy something on their own with actual cash, so they get to hold it and understand what it means to buy something. Let them participate in the whole process, actually going up to the register and giving the cashier the money themselves. 

Let Them Work For It

As you are ready, allow your child to work for money to buy something they want. Sit down with them and come up with ideas as to how they can earn money to pay for it. 


Consider giving them an odd job, separate from their everyday chores, which they will earn a set wage for.


Eventually, as they get older, help them take on larger responsibilities, like a first job or an occasional babysitting gig.

teaching children manage money

Create a Savings Account

Now that your child is starting to understand what it means to earn money, its time for a lesson in how to save it. 

Create a visual savings account with your child. It doesn’t matter how you set it up, as long as they are able to visually watch their savings grow. 

Use a clear jar or simply choose a container to put money in and keep a notebook near it to track the balance. Celebrate with your child when new funds are added and show them that saving money is something to be excited about. 

As they get older, of course, you can continue this lesson a with an actual checking account that you set up for them at your personal bank. Make sure you help them set up a savings and stress the importance of always putting money into it and replacing it first whenever they have to be removed.

Stick to a Budget

Of course, when your child gains access to money, there will likely be a lot of things they’ll want to buy. Especially in today’s culture, it’s important to create habits that don’t encourage impulsive spending.

Have them make a list of items they want to buy, and then sit down and prioritize them. Consider playing devils advocate by presenting items they’ll want, but that haven’t come out yet—like a new video game or a movie. Or if they’re older, maybe there’s an event they’ll want to go to in the next few months that costs money. Give them the responsibility of using their money for these things and then help them make a budget. This shows your child that it feels good to wait for something you really want rather than spending money as soon as you have it. 

teaching children budget

Give to Others

For a dual lesson on impulsive spending that will also instill the reward of giving to other people, assign your child of buying a gift for someone they care about on a certain holiday—like Father’s Day, Christmas or someone’s birthday. 


Make it fun and exciting and again, help them create a budget. Expand this responsibility to other holidays as they get older. Chances are, eventually, they’ll want to do this on their own anyway, because it feels good to give to the people you love.


Join the conversation: 

What creative ways are you teaching your children about money management?

teaching children finance

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