Today, I’m happy to welcome Shannon from The Heavy Purse to share her insights on money activities for kids. Like Shannon, I’ve worked from a young age and believe in teaching kids the value of money, giving them ample opportunities to work and learn. Shannon is doing a great job with her two daughters and even wrote a book to help you teach your kids at home. If you’re interested in guest posting on RFI, let me know.
Pauline is someone I admire for finding unconventional ways to earn money, allowing her to pursue her passions. I want my girls to see money as a tool, not something to fear, and to learn how to use it to their advantage. This means helping them get comfortable handling money and making smart decisions.
I’ve been a Certified Financial Planner for over 20 years, and I’m often surprised by how many people lack confidence in managing their finances. This usually stems from money being a taboo topic in most households, leaving kids to learn about money through trial and error. It’s time to change that cycle. Here are a few money activities to get started.
**For Ages 3-6: Set a Family Sharing Goal**
When my youngest daughter, Taylor, didn’t want to share money at first, we tackled it by setting a family sharing goal. We chose a local animal shelter because of her love for animals. When Taylor saw how our donation helped, she became enthusiastic about sharing. I recommend setting similar goals with young children so they can experience the joy of giving firsthand. This also helps prevent a sense of entitlement.
**For Ages 6-9: The Grocery Store Game**
Grocery shopping offers many teachable moments. Involve your kids in planning weekly meals to minimize waste and manage spending. Give them a budget and let them look for coupons to save money, which you can use for something fun at the end of the month. This teaches them about budgeting, meal planning, and comparison shopping.
**For Ages 9-12: Build a Hypothetical Stock Portfolio**
Investing can be intimidating, so it’s beneficial to start young. Teach your kids basic investment terms and concepts like risk tolerance and stocks. Build a hypothetical portfolio with companies they know, such as Mattel or Disney, and track their stock prices. This way, they can learn about market fluctuations and understand the consequences of buying and selling stocks.
**For Ages 12-18: Manage Their Clothing Budget**
As teens become more interested in clothes, they can learn to manage their own clothing budget. Clearly outline their budget, how it will be distributed, and whether you’ll still provide basic items. Help them figure out how to balance their wants and needs within their budget, allowing them to make mistakes and learn from them.
**Making Money Conversations Fun and Easy**
Talking about money might be second nature to me, but I understand it can be challenging for other parents. One fun and easy way to start these conversations is through my children’s picture books. I’m excited to offer Making Sense of Cents readers a discount on my new book, “The Lemonade Stand.” Join Lauren and Taylor as they teach their friends how easy it is to save, spend, and share money.
Shannon Ryan is a Certified Financial Planner dedicated to helping parents teach their children simple, value-based money principles that support long-term financial well-being.
