Most of us want our kids to grow up confident with money, but knowing where to begin can feel overwhelming. When Charlie recently asked his first real question about how to handle the little pile of birthday money he’d saved, it stopped me in my tracks. I realized this was one of those moments that could shape how he feels about money for years to come, and I didn’t want to stumble my way through it.
That’s when I called Terry.
I’ve trusted Terry with our family’s finances for years, and when he offered to sit down with Charlie and teach him a few simple, confidence-building financial habits to set him up for success, I knew other families would benefit from the same guidance. What unfolded at our kitchen table was so practical and reassuring that I wanted to share it with you here.
I’ll let Terry take it from here!
Tori invited me into her kitchen recently for a quiet moment with her son, Charlie. The table was set with a few jars, a notepad, and a small stack of coins. Charlie looked at everything, then asked a question that many parents hear.
“Where do I even start with this stuff?”
He had a stack of small bills and a jar of coins he pulled out from his closet that he had saved up over the years from birthday gifts and random little jobs he had done over the years, but no idea what to do with it.
It felt like the perfect place to begin. Money can feel big and complicated, but teaching kids about it can be simple. You do not need perfect answers. What matters most is a series of small conversations that build confidence over time.
This guide is meant to help you start those conversations at home. You will find easy ideas for different ages, simple activities, and the same tools I shared with Charlie that morning.
What you will learn:
- When to start the conversation about money
- The five core building blocks of financial literacy
- Ideas to build the financial toolbox by age
- Games that make learning fun
- How to keep progress going in a calm and positive way
When and Why to Start Teaching Kids About Money
Kids notice money earlier than we expect. Once your child can count, they are already ready for small moments that teach everyday skills.
You can think of money lessons the same way you think of teaching kindness or responsibility. Short, frequent conversations work far better than one big talk. Start with simple questions during real-life moments.
- At the store, ask if a purchase is a want right now or if saving for something special would feel better
- Let your child help compare two similar items and talk through why one choice might make more sense
- Share your own decision-making in a simple way, such as explaining that you are cooking more at home this month because your family is saving for a summer trip
These everyday conversations help your child build a healthy, confident relationship with money.
The Core Building Blocks Of Financial Literacy
All money lessons come back to five foundational ideas. These can begin as young as five and evolve as your child grows.
1. Earning: Money connects to effort and creativity. Simple jobs at home, such as clearing dishes or watering plants, help kids understand earning.
2. Saving: Clear jars or a basic paper tracker make goals feel real. Kids love seeing their progress grow.
3. Spending: Help your child practice making choices. Talk about what is needed and what is just nice to have. These small moments help build lifelong habits.
4. Investing: For older kids, introduce the idea that money can grow over time when it is used wisely. Keep this simple. A rising line on a piece of paper works well.
5. Giving: Encourage generosity with a ‘Giving Jar’ or a small family cause. Some families enjoy setting aside a few coins each week toward something everyone enjoys like a board game or an ice cream night.
Terry’s Tip: Try encouraging your child to set aside a small part of their weekly allowance to benefit the entire family, such as a new board game or your next family day-trip adventure. Kids begin to understand contribution and shared rewards.
Simple Money Activities for Kids by Age
Ages 5 to 8
Use coins, clear jars, and simple labels for save, spend, and give
- Play pretend store at home to practice counting and choosing
- Offer small rewards for helpful jobs to show the connection between effort and earning
- Read picture books that introduce basic money ideas
- Try This: Set out three jars and let your child sort coins after a small job. They will naturally begin asking questions.
Ages 9 to 12
- Try a small allowance or a family job list with simple payments
- Set a savings goal, such as a game, craft kit, or bike and have them track their progress in a chart
- Let your child manage part of their school or activity spending with supervision
- Talk through cost comparisons and why and when quality can matter more than price
- Try This: Plan a pizza night and let your child compare ingredient prices at the grocery store. Have them build a mini budget and decide what is left for dessert.
Ages 13 to 15
- Create a simple budget for clothing, outings, or events
- Compare prices online to help older kids think long-term about quality
- Explore beginner saving tools and long term growth ideas together
- Review digital spending and subscriptions to understand habits
- Try This: Do a monthly subscription check and cancel one thing that is not being used. Teens often enjoy this sense of control.
Tools and Apps That Make Learning About Money Fun
Board games such as Payday, The Game of Life, and Monopoly Junior
Allowance and chore apps that track saving and spending. Some of our favourites include:
Chores & Allowance Bot: A versatile and fun app for tracking allowance, chores, and savings goals. It is praised for making chores exciting for children.
Bomad: A good option for a simple, quick allowance and spend tracker with features like splitting money into different goals.
GoHenry: Good for a debit card and allowance combination for kids.
Age-appropriate books that explain ideas in plain language. Some of our favourites include:
For young children:
“Rock, Brock, and the Savings Shock” by Sheila Bair: Teaches the importance of saving and setting up a bank account.
For older children and teens:
“How Money Works” by Matthew and Scott MacMillan: A book for kids that covers how money works and how to use it wisely.
“Better Than a Lemonade Stand!” by Scott and Jason LaFontaine: A resource for young entrepreneurs looking to start a business.
Family challenges with a shared savings goal and a small celebration at the end. Keep it visible, on the fridge for example, where everyone can see the goal and how the family is tracking
A money month with weekly themes
Week 1: Earning
Week 2: Saving
Week 3: Giving
Week 4: Smart Spending
The Parent Money Mindset
Children learn most powerfully by watching you. When money feels calm and open at home, it becomes much easier for kids to understand it.
- Talk through everyday choices, such as grocery lists or travel planning
- Share mistakes and learnings without shame
- Keep language positive
- Instead of saying that something is not affordable, try saying that it is not part of the plan right now
- Explain priorities by showing that choosing one thing often means waiting for something else
Real life example
Tori told Charlie that the family is saving for the cabin instead of going on a winter trip. This kind of simple statement shows a child how families make decisions that support long-term goals.
FAQ’s For Parents
- What if I am not an expert?
- You do not need to be one. Curiosity and consistency matter most. Remember, they will learn more from watching you than anything else, so start with making wise financial decisions yourself.
- I do not know where to start!
- Share one thing with them that you wish you learned earlier and begin there.
- My child compares our choices with friends, what should I do?
- Every family has unique resources and values. Focus on what matters to your household. A helpful quote is “Comparison is the Thief of Joy”.
- What if my child regrets a purchase?
- Swap a lecture for a question. Ask what they would do differently next time.
How To Keep The Progress Going
Look for small wins. A savings goal reached. A thoughtful purchase. A kind decision to give.
Hold short money check-ins on walks or during breakfast. Add one new idea as your child grows.
Confidence grows when kids make decisions and reflect on them. Parents set the tone by keeping the conversation steady and warm.
4 Things To Try This Week
Choose one action to begin:
- Start a savings jar
- Plan a small purchase together
- Set a family give goal
- Schedule one short money chat on the calendar
Even the smallest step builds trust and curiosity.
This kitchen table moment with Charlie reminded me that kids want to understand money and feel supported when parents guide them gently. If you try any of these ideas, Tori would love to hear how it went. Share your experience or ask a question in the comments on her reel on Instagram, and I will be happy to help answer them in a future follow-up.
If you would like more personalized guidance for your family, I am always happy to connect to discuss your current financial situation and future goals. Many parents reach out for support with reviewing their children’s RESP or investment trust accounts, or for help creating a simple plan to teach kids how to save and invest. We have guided several families through this process, and parents often share how proud their kids feel when they open their statements and see their progress. Reach out at ltwealth.ca/contact.
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