Talking to Your Children About Money

This is the conversation that breaks generational cycles. What you teach your children about money will shape their relationship with it for life.

The Right Age

Start young. Give them an allowance and let them make their own spending mistakes. The earlier they learn, the better.

• Ages 5-10: Saving for a toy. Three jars: Spend, Save, Give.
• Ages 11-16: Allowance and budgeting. Let them manage their own money for clothes or outings.
• Ages 17+: Part-time jobs and bank accounts. Teach them to track income and expenses.

The Right Lesson

Money is not good or bad. It is a tool.

• Teach them to save for something they want.
• Teach them to give some away.
• Teach them that money comes from work.

The Right Vibe

Keep it age-appropriate. Avoid shaming. Be honest about your own struggles—but keep it simple.

Sample Conversations by Age

Age 5-10:

“You get $5 this week. You can spend it on anything you like, but once it is gone, it is gone. If you want something bigger, you can save your money over a few weeks.”

Age 11-16:

“You have $20 a week for your pocket money. That includes your lunches, your outings with friends, and anything else you want. If you run out, you will have to wait until next week. Let us check in on Saturday and see how you are doing.”

Age 17+:

“Now that you have a part-time job, let us talk about your income. I would love to help you set up a bank account and a savings account. You can keep some for spending, but let us aim to save at least 10%.”

What If You Made Money Mistakes?

Be honest about them. Vulnerability is a powerful teacher.

“I made some mistakes with money when I was your age. I wish someone had taught me about saving earlier. I want you to have the information I did not have.”