"Can I please have this?" Every parent hears this question in stores, creating that perfect teaching moment when wants meet limits. This simple question gives you a chance to plant money smarts, something far more valuable than any toy.
Children usually pick up money skills step by step. Younger ones may get excited about filling piggy banks with coins, while older teens might begin to grasp saving, interest, and planning ahead.
Outschool's interactive financial courses follow this natural learning path with age-appropriate group activities. Our classes work alongside what you're teaching at home to help your young learner feel good about making smart money choices.
Why piggy banks build better futures than portfolios
Many adults seem to struggle with money basics. Studies suggest grown-ups often get less than half of the basic money questions right. Here’s the good news! Money habits typically take root before the age of seven (not that you can’t start earlier).
Research across 33 countries indicates that young people who learn about money early tend to make better money choices throughout life. When you compare prices during a family trip or celebrate when your kid saves for a special toy, you could be helping shape their approach to financial decisions down the road.
Let's look at some money lessons for different ages, starting with the early years when play and curiosity might make learning more natural.
Teaching ages 3 to 7 about money
Some parents might skip money lessons for the youngest learners, thinking they should wait until kids can count better or understand saving. But these early years could be good for introducing money through play and simple talks.
Your young learner probably won't understand concepts like saving or budgeting yet, but they might be watching how you handle money and forming early ideas about it. Their developing brains often absorb information through their senses, potentially connecting everyday experiences with feelings.
Playful explorations
Consider trying these simple activities to start the money conversation:
- Try counting games with coins, sorting them by color and size. This might build number skills while introducing different types of money.
- Create a sorting station with jars and coins, helping them group pennies, nickels, and dimes. Asking, "Which ones look the same?" could start money conversations.
- Connect money to everyday life. When they ask for a toy, you might use simple words like "We sometimes save money to buy special things."
- Consider turning shopping trips into games. Perhaps asking them to help find items under $5 or count coins for small purchases.
- Try using clear jars for different goals (toys, treats, sharing) so they might see their savings grow.
Resources available
Support your learners’ early money learning with these parent-tested resources:
- Read the Moneybunny Book Series during bedtime. Pause to ask questions about the characters' choices and relate them to real-life situations.
- Share "A Chair for My Mother" during story time to spark conversations about family-saving goals.
- Try Outschool’s Funny Money classes for young learners. Find 1:1 online courses that complement home activities with fun learning experiences.
Teaching ages 8 to 12 about money
By now, many young learners might understand money basics and could be ready for bigger ideas, like saving for goals and connecting work with earning. They might be starting to grasp budgeting, different ways to use money, and making thoughtful spending choices.
This is when some young learners may become interested in earning their own money, perhaps by helping neighbors, selling crafts, or doing extra chores. These experiences could help build confidence in handling money and developing planning skills.
Skill-building activities
Consider making money learning more engaging with these activities:
- Set up three clear jars labeled "Save," "Spend," and "Share" - this could help them learn to split money between different goals.
- Consider starting a small weekly allowance linked to age-appropriate chores to demonstrate the link between work and earning.
- Help them start a mini-business, like a lemonade stand or craft shop, where they might learn about pricing, costs, and marketing.
- Organize a family grocery challenge. Give them a set budget and shopping list, then observe as they practice comparison shopping and smart consumer decisions.
- Guide family game nights with money-themed classics like Monopoly or The Game of Life, where concepts like property investment and financial planning come alive through play.
Resources available
Support your learner’s growing money awareness with these engaging tools:
- Listen to the Million Bazillion Podcast during car rides. This student-friendly show features guests discussing financial topics in accessible ways.
- Read "The Lemonade War", an entertaining story about competitive siblings running rival lemonade stands that demonstrates business basics.
- Join Outschool’s Online Finance Classes, where young learners practice money basics through interactive games and real-world examples.
Teaching ages 13 to 16 about money
The teen years often bring changes in money understanding as learners gain independence, feel peer influences, and might start thinking about bigger goals like college. They could now be developing the ability to grasp concepts like compound interest and economics as their math and thinking skills grow.
With some teens earning their first money from part-time jobs or allowances, this might be a good time to build money confidence before responsibilities increase.
Real-world experiences
Consider connecting money learning to teens' interests and developing independence:
- You might start an investment club where they research brands they like, create practice portfolios, and track performance.
- Try creating money games that could make complex concepts more accessible (like credit score Jenga or budget Monopoly).
- You might suggest a "30-Day Money Diary" challenge, tracking spending in an app, then identifying potential ways to improve habits.
Resources available
Set your learner up for financial success with these powerful learning tools, designed specifically for teens:
Teaching ages 16 and up about money
Money often takes on new meaning when college applications arrive and first jobs begin. This exciting time can open up amazing opportunities for teens to build strong financial habits that will serve them well into adulthood.
They might understand concepts like compound interest, but putting these ideas into practice through real bank accounts, budgets, and investment practice could create more lasting knowledge.
Adulting Practice
- Host a "First Apartment Challenge" where teens research real apartments in their target city, create comprehensive budgets covering everything from security deposits to groceries, and present their most realistic living plan to family members or peers.
- Conduct a "Credit Score Bootcamp" where teens learn to read credit reports, understand scoring factors, and create personalized plans to build strong credit histories through authorized user cards or secured credit options.
Advanced resources
Explore these powerful tools to build your teen's financial confidence:
- Build foundational knowledge with "The Simple Path to Wealth" by JL Collins or "Rich Dad Poor Dad for Teens.” Both break down complex investment concepts into clear, actionable steps for young adults.
- Help them master budgeting through real-world scenarios in Outschool's Budget & Finance online classes, where teens collaborate and learn from experienced finance educators.
- Join Outschool's Online Credit Card classes to tackle real-world topics like credit scores and banking basics in an engaging group setting.
Common questions about teaching kids money management
Here are answers to common questions parents ask about teaching young learners on how to manage money.
How do I know which money concepts to teach at different ages?
Young learners (ages 3-7) can start with simple activities like sorting coins and understanding basic exchanges, like buying treats at a store. Older learners (ages 8-12) may be ready for saving goals and basic budgeting, while teenagers (13-16) can explore investing and compound interest. Those above 16 might benefit from deeper dives into credit, taxes, and longer-term financial planning.
How can I incorporate money education into our family routines?
Some of the most effective financial education often happens through everyday experiences. Consider turning grocery shopping into comparison exercises, discussing family vacation budgeting during dinner, or sharing your thought process when making major purchase decisions. These real-world conversations might help normalize money talk and demonstrate financial thinking in action. You could try setting aside brief "money moments" each week where you review allowances, discuss saving progress, or talk about financial news in age-appropriate ways
How can I tell if my child is growing their money skills?
Watch for these potential positive indicators that show financial growth:
- They begin asking thoughtful questions about prices, value, and affordability when shopping.
- You notice them weighing trade-offs and delaying small purchases to save for something more important.
- They show interest in how money works beyond their own situation (like how businesses set prices).
- They take initiative in tracking their own money through notebooks, jars, or basic budgeting tools.
- They begin setting realistic financial goals without prompting and show satisfaction when achieving them.
What makes money lessons stick with kids?
Real-world practice often works best, like letting young learners manage their own small budget or savings jar. When they experience the natural consequences of their financial decisions in a low-stakes environment, they develop judgment that lasts.
Connecting money concepts to their personal interests can also increase engagement, whether that's saving for a desired toy or learning investment basics through companies they recognize. Outschool's Online Finance Classes for Kids & Teens bring these lessons to life through fun activities like running a pretend store or playing stock market games.
What learning options does Outschool offer for money education?
From beginner-friendly classes to teen programs, you'll find options that match your child's age and interests. Popular choices include Budget and Finance Online Classes and the practical Money Management Online Classes, where students learn through engaging projects and discussions.
Building confidence with money from a young age
Developing money skills might give young learners more confidence and options in school, work, and life. When they learn finance through hands-on, engaging activities, they can grow into more confident decision-makers who understand how to manage their money effectively. Parents often play an important role in building these skills, and support is available.
Help your child build money smarts with Outschool's fun financial literacy classes, where real-world concepts come alive through games and activities. Our small-group format lets kids learn alongside peers while getting personalized attention from expert teachers. From preschool coin-sorting to teen investing challenges, we've got classes that grow with your child's abilities and interests.
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