Growing Moolah Smarts: Money Lessons from Kids to Young Adults
Money isn’t just about dollars and cents — it’s about confidence, habits, and choices. And just like brushing teeth or tying shoelaces, financial skills are best learned young, in bite-sized bits that grow with your kid.
Here’s how to make money make sense, from little learners to fresh-out-the-nesters:
🌱 Ages 3–7: The “Money is a Thing” Stage
At this age, kids are all about “mine!” — which makes it the perfect time to start talking about what money is and what it does.
Key lessons:
Money is earned: Link effort to reward. For example, “Mum goes to work to help people, and she gets money to buy food and toys.”
Things cost money: Use cash or pretend play to show that buying means giving something up.
Saving is cool: Introduce a clear jar piggy bank so they can see their coins grow. Visual wins!
Fun ways to teach:
Play shop using real coins.
Read picture books like “Bunny Money” or “The Berenstain Bears’ Trouble with Money.”
Let them earn coins for mini chores and choose how to spend or save them.
🧠 Ages 8–12: The “Saving Has Power” Phase
Now they’re asking for pocket money and comparing what their friends have. Perfect time to introduce saving, budgeting, and resisting “I want it now!”
Key lessons:
Wants vs needs: Talk through real-life choices (“Do we need another soft toy?”).
Setting goals: Teach them to save for something exciting — a skateboard, a LEGO set — rather than spending everything straight away.
Basic budgeting: Introduce the idea of splitting money into jars: Spend, Save, Give.
Fun ways to teach:
Set up a pocket money system (e.g., $5 a week, with small bonuses).
Use apps or printables to track saving goals visually.
Let them plan a mini shopping trip with a fixed budget (snacks for a picnic, supplies for a project).
💸 Ages 13–17: The “Money in the Wild” Years
Teens are itching for independence — and the bank of mum and dad is starting to close. It’s time for real-world money management.
Key lessons:
Earning through work: Whether it’s babysitting, lawn-mowing, or a part-time job, earning their own money builds pride and responsibility.
Budgeting basics: Help them plan what they’ll do with $50 — will it go to savings, clothes, a festival ticket?
Digital money smarts: Teach them how to spot scams, understand online shopping, and why Afterpay is not “free money.”
Fun ways to teach:
Let them manage a small regular budget (like school lunch money or clothing).
Encourage them to track income and expenses using an app like Pocketbook or Wally.
Talk openly about your own financial decisions — show them how you budget for holidays, groceries, or big purchases.
🧭 Ages 18–25: The “Real-World Wallet” Stage
They’re flying the coop (or at least dipping a toe into independence). Now's the time for the big leagues: debt, savings, investing, and understanding adult money.
Key lessons:
Debt awareness: Help them understand student loans, credit cards, and how interest works (it’s not just a “grown-up tax”).
Budgeting for real life: Rent, bills, food — teach them to use a monthly budget and track it properly.
Emergency funds & saving: Why saving for “not fun” things is still powerful. Aim for 3 months of expenses as a buffer.
Intro to investing: Explain the magic of compound interest and how starting young pays off later (literally).
Fun ways to teach:
Set financial challenges — e.g., “Can you live off $100 for a week?”
Use goal-based savings tools like Squirrel or Sorted.
Share podcasts or TikToks that simplify money topics (Girls That Invest, anyone?).
Final Tip: Match Their World
Money lessons hit harder when they feel real. So whether it’s through Roblox coins, pocket money, or pay slips, meet them where they’re at. Use storytelling, real-life examples, and let them make a few (safe) mistakes — that’s how they learn best.
The goal? Not perfection. Just progression.
Because raising money-smart kids today means raising confident, capable adults tomorrow 💪💰
