If you’ve ever found yourself wishing you’d learn about money sooner, you’re not alone. That’s one reason why it’s so important to start teaching the kids in your life about money as early as possible. Thankfully, you don’t need a finance degree or fancy tools to do it. Every day life is full of teachable moments.
Kids pick up on more than we think. If they see us swipe a card and walk away with groceries, they may not understand that real money is involved. That’s why explaining—even in simple terms—how money works, where it comes from, and how to make smart choices is key.
So, where do you start?
1. Take them to the grocery store.
This is a goldmine for money lessons. Show your kids how to compare prices, look for deals and stick to a list. Let them help make decisions—“Do we get the name brand or the store brand?”—and explain why.
2. Make games part of it.
Board games like Monopoly, The Game of Life, or even Allowance can be fun ways to introduce budgeting, saving, and decision-making. Want something screen-based? There are plenty of kid-friendly apps that teach money skills in a playful way, such as Bankaroo.
3. Use real money.
If they get an allowance or birthday money, guide them in dividing it up—some to spend, some to save, maybe even a little to give. Let them save for something they really want. It builds patience and helps them understand value.
4. Talk openly about money
You don’t need to get into all the details, but being honest about budgeting, saving up for big expenses, or making trade-offs helps kids see that money isn’t just for spending—it’s something to manage.
5. Let them make small mistakes.
If they blow their allowance on candy and then can’t afford that toy they wanted, that’s a safe and powerful lesson. Better to learn those lessons at 10 than 30.
6. Bring them in to open a Star Savers Youth Account
Our new Youth Account is a great way to show kids in real time and real life how money can grow. They can open a savings account and/or a share certificate. The savings account pays 5.01% APY on balances up to $500, and the opening deposit is only $5.
Teaching kids about money doesn’t have to be a lecture. It’s about everyday conversations, small choices, and a little patience. Start early, keep it real, and you’ll help your kids build money confidence that lasts a lifetime.
