10 Everyday Activities That Teach Kids About Money

Financial literacy is an essential skill for people of all ages and teaching children about money at a young age can set them up for a lifetime of smart financial decisions.

As as parent you have a significant role to play in helping your children develop money management skills.

By integrating financial lessons into their daily activities, you can help make learning about money fun and engaging for kids.

In this blog post, we’ll explore 10 everyday activities that can really help teach your kids about how money works.

Activities that teach kids about money

1. Grocery shopping

Grocery shopping offers numerous opportunities to teach kids about money.

First, you can compare prices of different products to help them understand the value of a dollar and make wise decisions.

Discuss the differences between store brands and name brands, and why one might be more expensive than the other.

When shopping, set a budget for groceries and encourage your child to help you stick to it.

This can be an excellent exercise in prioritizing needs over wants.

Teach them the difference between essential items (e.g., milk, bread) and non-essential items (e.g., candy, chips) and how to make choices based on their budget.

2. Saving money in a piggy bank

A piggy bank is a classic tool for teaching kids about saving money.

Encourage your child to set specific savings goals, such as saving for a toy they want or a special event.

Track their progress together, and celebrate milestones along the way.

Having a visual representation of their savings can help kids understand the value of setting money aside for future use. Furthermore, it helps them develop patience and discipline, as they learn to wait and save up for the things they want.

3. Playing board games with financial concepts

Board games like Monopoly, Life, and Payday are excellent tools for teaching kids about money management.

These games can help reinforce concepts like budgeting, decision-making, and the consequences of financial choices.

While playing, take the opportunity to discuss strategies and the financial lessons the game is teaching.

4. Earning money through chores

Assigning monetary value to chores is a great way to teach kids about the concept of earning money.

Create a list of chores, and assign a dollar value to each task.

Encourage your child to save, spend, and donate a portion of their earnings, teaching them the importance of balancing their finances.

5. Planning a family outing

Planning a family outing is a great opportunity to teach kids about budgeting and making trade-offs.

Set a budget for the outing and involve your child in the planning process.

Discuss which activities they would like to do, and help them prioritize based on cost and interest.

Teach them that sometimes, they might have to choose between two things they want due to budget constraints.

6. Setting up a lemonade stand or mini-business

Starting a lemonade stand or a small business can teach kids valuable entrepreneurship lessons.

Help your child understand the costs involved in starting the business, such as purchasing supplies and setting prices.

Discuss the importance of customer service and marketing to attract buyers.

Running a small business will also teach kids about managing expenses and profits. Encourage them to keep track of their earnings and discuss how they can use the money they’ve made.

7. Watching educational TV shows or movies about money

Watching TV shows or movies that touch on financial concepts can be both entertaining and educational.

These programs can help spark conversations about money management, decision-making, and the importance of saving.

Look for age-appropriate content that your child will enjoy and understand.

8. Visiting a bank or credit union

Taking your child to a bank or credit union can provide them with valuable insights into how financial institutions operate.

Teach them about the differences between savings and checking accounts, as well as the concept of interest.

Open a savings account for your child and discuss the benefits of saving money in a bank, such as safety and earning interest over time.

This can also be an opportunity to teach them about other financial products and services that banks offer.

9. Encouraging goal-setting and budgeting

Help your child create a personal budget, even if it’s just a simple one for their allowance.

Teach them the importance of allocating money for different categories, such as saving, spending, and giving.

Encourage them to set specific financial goals, like saving for a desired item or experience, and track their progress.

By learning how to create and manage a budget, children develop a strong foundation for responsible money management as they grow older.

10. Role-playing financial scenarios

Role-playing can be a fun and effective way to teach kids about financial decision-making.

Pretend to be adults in various situations, such as paying bills, shopping, or making a large purchase.

Discuss the consequences of different financial decisions, both positive and negative, and the importance of considering the long-term impact of their choices.

Role-playing can help children understand the responsibilities that come with managing money and the benefits of making smart financial decisions.


I hope these financial lessons will help your child to learn the basic concepts of money.