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How to Teach Children Financial Planning in 4 Easy Steps

Updated: Jun 12, 2020

It is never too early to start teaching kids about saving, spending, and planning.

There are plenty of real-world situations that can provide kids the basic principles of financial planning. When you break it down, it’s easy.

1. Collect pennies.

Whether your kids are working for dollars, quarters, or pennies, everything they scrap together will eventually add up to something. Encourage your child to find small jobs around the house or neighborhood, assign value to each job, and then to collect payment upon completion of the work.

2. Count your pennies for something.

Ensuring your child knows what they are working towards as they begin to earn and save is as important as earning and saving in itself. Start by working with your child to help them build a vision of what they want to spend their money on. Write down that goal and put it in a visible spot as a reminder of why they’re putting forth time and effort to earn and save. Tying the motivation and effort together can prove to be a powerful force.

3. Revisit your goals regularly.

Whether it’s weekly or monthly, always take the time to revisit why your child is working for quarters, dimes, or pennies. Have sincere conversations with your child about what they are working towards -- goals are important and ritual can help keep your child focused on the possibilities and motivated to achieve tangible success.

4. Don't just save.

A common misperception is that kids should always be saving. That couldn't be further from the truth. Don't let them just squirrel the money away, make sure they spend some of it. The transaction is as important as the collection, counting, and saving because it is representative of them achieving their goal.

There are lots of great apps out in the world today that help kids learn personal finance. has compiled some great information about how to teach kids about financial literacy at different ages, here is their list of age appropriate resources, which we have found helpful.

We welcome questions about your finances and how they affect your present and future. Ask us whatever, whenever.

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Of course, being in the financial industry we have to let you know that this communication is not constituted as financial advice. Investments are not insured by the FDIC or any other government entity. Investment and insurance products are subject to investment risk, including possible loss.

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