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How To Teach Your Child to Budget Early On

How To Teach Your Child to Budget Early On

August 13, 2018

Think back to your first experience with money. Not the time you swallowed 7 pennies, but rather an instance when you began to realize that money means something. I remember my grandparents handing me some change at church for the offering. The coins jangled against the gold metal plate, I was thanked graciously, and it was exciting! I wanted more money! This led to the discussion about earning money... not as exciting.

Money habits learned as a child will likely flow into adulthood, so it’s important to start good habits early. Concepts can be taught as early as preschool, but all children learn differently. Take advantage of teachable moments in daily activities. Encourage saving, spending, and giving, as well as the difference between needs and wants. 

Create 3 jars for saving, spending, and giving so the actions are visible and tangible (check out Pinterest for fun ways to spruce up those old pickle jars!).  Introduce new topics and implement new lessons along the way. Many free, online resources offer topics and ideas that can be used as a roadmap for discovering activities and lessons to fit your child’s or grandchild’s interests and learning needs. 

Ultimately, kids look up to you and watch what you’re doing. Set a healthy example for them to follow with actions that reflect your messages. 

Britini Langford
Planning and Investment Associate