Personal finance experts and educators what are some exercises and games you can do with your kids to help them learn about money and financial management? To be considered for inclusion, please share at least one money exercise or activity parents can do with kids. Specify the appropriate age range, the activity itself, and the lesson to be learned.

1. Give, Save, Spend Bank Age Range: 4-10 (should be started as soon as your kids get an allowance, earn money, or receive money as gifts). A great way to teach kids the basics of cash flow management is by using a give, save, spend bank. Unlike traditional "piggy banks" a give, save, spend bank has three separate compartments allowing kids to divide their income into categories. Anytime your child receives money (allowance, gifts, etc.) have them start by putting some money in the "Give" compartment. This is a great conversation starter and parents should use this opportunity to teach their child about the importance of generosity and helping those in need. Next, have them put some money in the "Save" compartment. Again, use this opportunity to teach them the importance of saving and delayed gratification. Finally, whatever is left over, can be put in the "Spend" compartment and used on short-term, fun purchases whenever your kiddo sees something they want. Tips: 1) Help your child get excited about giving by showing them the impact their generosity can have. Take them to volunteer to see an organization firsthand, let them drop their own money in the church offering box, or have them look through a charitable giving "catalog" to see what causes excite them. 2) Make sure saving has a purpose. Is it a rainy day fund or to buy an awesome toy that costs a few months' allowance? Both are fine, but make sure you help them understand the reasons to save so they embrace the habit. 3) Spending money should be spent guilt-free. Why have a fun-money category if you can't use it? As long as your child is filling the other two compartments, they should be encouraged to enjoy their spending money. 2. Retirement Matching for Teens Age Range: 13-18 When it comes to long-term investing, time is crucial. The longer your timeline, the more your investments can compound. Parents can encourage their kids to start investing early by opening a custodial Roth IRA and matching their contributions. Parents can manage the account collaboratively with their teens to teach them basic principles of investing such as diversification, consistency, sticking to a disciplined strategy, and being a long-term investor. It's important to note that Roth IRAs have rules such as contribution limits, earned income requirements, and more. So, if parents don't feel confident in their expertise, they should work with a professional to ensure compliance with all regulations.

I've discovered that money lessons stick best when they're experiential rather than theoretical. Here are my most effective activities for different age groups: The Store Game (Ages 4-7) Create a mini store at home using household items with simple price tags and provide your child with play money to "shop." This tangible experience helps young minds connect the abstract concept of money with real-world exchanges. I watched my son's eyes light up when he realized he needed to make choices about what to buy, he couldn't have everything with his limited funds. This early lesson in trade-offs and decision-making creates the foundation for more complex financial concepts later. Three-Jar Money System (Ages 6-10) Introduce the powerful habit of intentional money management by giving your child three transparent jars labeled "Save," "Spend," and "Share." When children physically divide their allowance or gift money between these jars, they visualize financial priorities and practice delayed gratification. I've watched how this simple system transforms children from impulsive spenders into thoughtful planners, especially when they're saving for something they truly desire. The Entrepreneurship Challenge (Ages 8-14) Challenge your child to create a simple business. A lemonade stand, craft sales, lawn care, or pet sitting. And guide them through calculating costs, setting prices, and tracking profits. From my personal experience mentoring young entrepreneurs, I've found this exercise teaches resilience alongside financial literacy, as children inevitably encounter challenges that require creative problem-solving. The pride a child feels when earning their first self-made dollar creates a powerful connection between effort, value creation, and reward that textbooks simply cannot replicate. Family Investment Club (Ages 12-16) Establish a monthly "investment meeting" where teens research companies they're interested in and make a case for investing a small amount of real money (even $25-50 per selection is educational). The most valuable learning happens when investments don't perform as expected, creating natural opportunities to discuss risk, market cycles, and long-term thinking. When money discussions become a natural part of family culture rather than taboo topics, we raise financially confident children who understand both the practical mechanics and emotional aspects of wealth building.

My Money Foundation When I was a kid, growing up in the last century, my parents taught me the value of money the old-fashioned way, on a whiteboard. I earned income by completing daily chores. The better I did, the more earned income I had. Frankly, I was pretty bad at saving money back then. Late Payments Fast forward to when I had kids of my own. I wanted to give them a better experience. I created a system where they'd earn money for completing yardwork projects. "You're my employees," I told them. "You are paid an hourly rate or after the project is done." However, I do not carry a lot of cash, and I often lose track of their time. That meant I was paying them weeks late. They quickly revolted. Daddy Dollars Born Out in the Texas sun, sweating over yard work, I was searching for a solution. As a dad, I knew this was an important lesson. A little voice in my head whispered, "You're a financial advisor and you know the U.S. Treasury prints money. Why can't you create your own money?" I thought, "Why not?" I grabbed some paper and bought a pack of small green squares. I cut them in half, wrote the value of a real U.S. dollar on one side, along with my child's name. "Daddy Dollars" went on the front, where the President would normally be. On the back, I wrote down the valuable work they had done and personally signed it like an old-school check. I always spent a little extra time reading out loud the positive work they had done to earn the money. They figured it out in just two minutes. The math was simple: work, get paid in Daddy Dollars, save those up and buy the things you want. One of my kids was so excited he saved up enough to buy a Nintendo. We wouldn't have bought that for them otherwise. He'd worked hard, planned and achieved a financial goal. A Financial Future Money shouldn't be a scary subject. It's a tool to get what you want. When we teach kids how to use that tool responsibly, we give them, along with future generations, financial freedom to make their own choices. Cetera Investors. Damon Paull, Wealth Management Advisor. Securities and Insurance Products offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. 140 EASTSHORE DR. SUITE 105, GLEN ALLEN, VA 23059. 804-346-4670. The opinions expressed are those of the writer, not recommendations of Cetera Investment Services LLC or its representatives.

One of my favorite things to do with kids is the classic Spend-Save-Give jar system. We've done this with our own kids starting around age 6, and it's stuck. Super simple--just grab three jars, envelopes, or containers and label them Spend, Save, and Give. Anytime the kids get money--birthday, allowance, chores--they split it between the jars. You can let them decide the percentages or guide them with something like 50% spend, 40% save, 10% give. The goal is to teach them how to think intentionally with money from a young age. They get to experience the excitement of spending, the discipline of saving for something big, and the joy of giving to someone else. It turns random money moments into teachable ones--and honestly, it's kind of fun watching how each kid leans into their own money personality through it.

One of the greatest lessons on money to learn with kids--especially kids between the ages of 8 and 12--is what I call the "Family Budget Boss" challenge. You give your child a weekly budget (e.g., $100 pretend money) and a list of real family expenses: groceries, entertainment, gas, savings, and even a surprise "unexpected cost" card that you draw mid-week. Their job is to budget money, make sacrifices, and justify their choices. It becomes really entertaining when they catch on that they can't afford pizza night and the new video game unless they scale back something else. That "wait, money runs out?" moment--that's where the magic occurs. It's not as much about math and more about values, priorities, and learning that saving isn't punishment--it's power. We do versions of this exercise at Legacy Online School as well, because real-world learning shouldn't have to wait until adulthood.

There is not enough emphasis on financial literacy in schools. I am a mom of 4 kids, 2 of which are teens and I can tell you that kids are graduating from high school with advanced math skills but lack basic knowledge of growing and maintaining good credit, saving, and investing. Money Exercise 1: Good old fashion allowance as a money management learning tool, not just as free cash. Ages 8+ Lesson: Money management Give kids an allowance and let them experience real world choices with their money. Just in their first month, mine have realized that spending on chips and snacks means no money for new sneakers or that buying Fortnite skins leaves less for new clothes. When their allowance dries up talk to them about what they've learned and how to improve their choices next month which can also lead to saving a part of their allowance for a bigger purchase. Teaching financial consequences early builds smarter money habits for life. Money Exercise 2: Talk about your own financial struggles in front of them. Ages 6+ Lesson: Problem solving & resourcefulness Don't shy away from discussing your financial struggles with your children - whether it's rising grocery prices or paying off a medical bill. Involve them in finding grocery coupons, restaurant discounts, or comparing prices on clothes and shoes. Not only will they feel included and valued, but it will also spark their interest in smart money management and saving.

One engaging financial activity for kids ages 5 to 8 is the "Spend, Save, Share" jar system, a hands-on way to introduce basic money management through everyday experiences. Give your child three labeled jars: one for Spending, one for Saving, and one for Sharing (charity or gifts). Every time they receive money--whether from allowances, birthday gifts, or small rewards--they divide it into the three jars using simple percentages like 50% spend, 30% save, and 20% share (or whatever ratio works for your family values). This exercise teaches money allocation, goal-setting, and generosity in a tangible, age-appropriate way. The Spend jar helps children make small buying decisions and learn about trade-offs--like choosing between a toy now or saving for a more expensive one later. The Save jar encourages delayed gratification and goal tracking, especially if you tape a picture of what they're saving for on the jar. The Share jar introduces empathy and social responsibility, as they choose a cause or person to help. Parents can reinforce the lesson by matching contributions to the Save jar or discussing real-life examples of how adults use budgets. Over time, kids start to understand that money isn't just for spending--it's also for planning ahead and making a difference.

One of the best ways I've taught my son about money is handing him full control of a daily budget - $20 in actual cash with zero parental interference. He plans everything himself: an activity, a meal, maybe a small treat. I don't dictate his choices, but occasionally ask things like, "If you spend that now, what will you do about lunch later?" - just enough to make him pause and consider. We started when he was about 8. The first time, he completely misjudged how quickly arcade tickets and snacks add up. He ended up walking right past his favorite ice cream shop with empty pockets. That lesson stuck with him. Next time, he checked prices online before we left home. No complicated budget talks needed - just one real-world consequence that made the point clearly. This approach builds money awareness naturally. Kids quickly grasp how fast cash disappears and how small decisions accumulate. And they learn without boring lectures or worksheets. I firmly believe that without feeling the impact, they won't remember the lesson. Budgeting has to feel tangible and not theoretical. You want them sitting with the results thinking, "I'll definitely handle this differently next time." That's how lasting habits form. Not from hearing advice, but from living the experience. And, trust me, kids are much more aware than we give them credit.

As an early childhood educator, educational toy brand owner, and former preschool co-founder, I believe that kids learn best through hands-on experiences. In our household, we introduce financial literacy through a "token economy system" that mimics real-world earning, saving, and spending. Instead of giving money for basic chores like setting the table or tidying up, our kids can earn tokens by doing odd jobs that people typically get paid for--such as baking homemade goods, washing the car, or cutting grass. Each completed job earns them a token, which they record in their personal "passbook." Every two weeks, we review their passbooks to track how many tokens they've accumulated, mirroring a real-world paycheck cycle. At this point, they make an important financial decision: spend tokens immediately for small rewards (instant gratification) or save them for something bigger they truly want. This system naturally teaches them about delayed gratification, goal-setting, and financial tracking. Beyond tokens, our kids also experience real-world transactions by using cash, debit cards, and loyalty cards at small mom-and-pop stores. Additionally, any monetary gifts they receive from family are deposited into their personal bank accounts, which contribute to an educational fund set up for them from age five onward. This way, they learn early that money isn't just for spending--it can also be saved and invested in their future. By integrating financial literacy into everyday activities, we help our children develop a healthy, practical relationship with money, emphasizing that wealth is earned through effort, managed through smart decisions, and saved for long-term goals.

As a coach who supports clients with their relationship to money, I've found the "Family Budget Council" extraordinarily effective for ages 10-14. Each month, allocate a small family discretionary budget ($50-100) and hold a formal meeting where children research, propose, and advocate for how to spend these funds. They must present costs, benefits, and impact on family goals. Parents act as final decision-makers but must explain their reasoning. Children learn budget constraints, opportunity costs, research skills, negotiation, and delayed gratification. The magic happens when kids advocate against each other's proposals - they quickly learn to evaluate spending critically when it's competing with their own priorities. I've seen children voluntarily defer purchases to save for larger family goals once they understand budgetary tradeoffs. For advanced learning, introduce a matching component where parents contribute additional funds toward long-term savings goals kids advocate for, teaching the power of incentivized saving.

Money is an important part of life. For the smaller children aged 4 to 7, consider using picture sorting of 'needs' and 'wants' to create a clear picture of money spent on basic necessities versus money spent not on essentials. Encourage children aged 8 to 12 to create budget divides for their allowances by completing the Allowance Budget Challenge. Dividing money into jars or envelopes makes tracking allowances simpler. For the age group of 10 to 14, consider using the Family Grocery Budget Game where a child plans meals or shops with a budget in mind. The activity promotes learning about price comparison, spending, and budgeting. The Invester Like a Kid Stock Market Game is a perfect match for kids aged 12 to 16. In this game, they can choose their favorite companies for a set amount of time and learn about actual investing as they track stock prices week after week. Lastly, the Side Hustle Challenge encourages kids from the age of 14 to 18 to manage low cost, high scale return projects like tutoring or craft selling that require kids to manage their expenses and earnings.

As a retirement income strategist, I love this question because teaching kids about money early creates generational wealth habits. Here's one of my favorite exercises I recommend to parents: "The Three Jar System" (Ages 6-12) Get three clear jars labeled: - Saving (50%) - Spending (40%) - Giving (10%) When your child receives money (allowance, gifts, etc.), help them physically divide it into the jars based on the percentages. This creates a visual connection to money management. The saving jar teaches delayed gratification and long-term planning. The spending jar allows them to make purchasing decisions and learn the value of money. The giving jar instills generosity and social responsibility. Pro tip: Use clear jars so kids can watch their money grow. Make it a weekly family activity to count the jars and discuss their progress toward goals. This exercise teaches fundamental money principles I use with adult clients - paying yourself first (saving), responsible spending, and charitable giving. Starting these habits young creates a strong financial foundation. The key is making it interactive and fun while reinforcing positive money behaviors. As they get older, you can evolve this into more sophisticated budgeting and investing discussions. Progression: As your children mature, you can evolve this system. For example, you can introduce: - More Complex Budgeting: Discuss different spending categories and involve them in creating a more detailed budget. - Interest and Investing (Simplified): Once they have a significant amount in their "Saving" jar, you can introduce the concept of earning interest or making small, age-appropriate investments (with your guidance). - Financial Goal Setting: Help them set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. By starting with a simple and visual tool like "The Three Jar System," you can equip your children with valuable financial skills and a healthy mindset towards money that will benefit them throughout their lives, contributing to a stronger financial future for themselves and potentially future generations.

A great money activity for kids ages 11 to 14 is designing a "Family Budget Challenge," where your child helps create and manage a mock household budget using real-world numbers. Sit down together and assign them the role of "Family CFO" for the week. Present them with a set monthly income (e.g., $4,000) and let them allocate funds across categories like housing, groceries, transportation, entertainment, savings, and unexpected expenses. Use either a spreadsheet, a budgeting app for kids, or a printed worksheet to keep it visual and engaging. The goal of this exercise is to teach financial planning, trade-offs, and prioritization. Kids learn that income is finite and must be balanced with needs and wants. As they work through the budget, you can introduce realistic costs--like rent, utilities, internet, or healthcare--and throw in random curveballs like a car repair or vet bill to test their problem-solving skills. Encourage them to reflect on their decisions: Did they budget for savings? Did they overspend in one area and have to cut back in another? To make it more dynamic, you can turn it into a friendly competition between siblings or repeat it monthly with different income levels or family scenarios. This activity helps pre-teens and early teens understand the value of money, the cost of living, and why parents say "no" sometimes. It's also a great opportunity to model smart money habits and create ongoing financial conversations within the family.

We do a mini "store" at home every weekend. My kids, Sasha and Mariia, earn fake dollars during the week by doing chores--brushing teeth without reminders, setting the table, picking up toys. Then Saturday comes, and I set up a table with snacks, stickers, small toys, and one big-ticket item like a movie night coupon. Ages 5-10 works great for this. They "shop" using the dollars they earned. It teaches saving, spending, and decision-making. Mariia usually spends all her cash fast. But Sasha, he'll save three weeks for the big item. They learn way more from this than any screen-time lecture.

One of my favorite money exercises to do with kids is a simple "Allowance and Budgeting Game". This works well for kids ages 6-12 and teaches them the fundamentals of managing money in a fun and interactive way. Here's how it works: Give them an allowance: Give your child a set amount of money weekly or monthly (let's say $10). Set categories: Help them divide it into spending, saving, and giving jars. For example, 50% of their allowance goes into savings, 30% for spending, and 20% for charity or gifts. Budgeting decisions: At the end of each week, have a discussion about their spending decisions -- did they stick to their budget? Did they spend all their money or save some? What do they want to buy next? Introduce goals: Give them a goal, like saving for a toy, game, or experience, and guide them in how long it will take to save up for it by sticking to their budget. The lesson? Delayed gratification and prioritization. They learn how to make choices and realize the importance of saving for things that matter, while also understanding how to manage their spending and give back. This activity provides an early lesson on how to balance different financial goals and helps kids start developing healthy habits around money from a young age. Plus, they get to feel in control of their finances, which makes it more real to them.

I lead my children (ages 7-12) in a straightforward activity called "Mini Market Day" at home. I used our existing toys, snacks, and stationery to build up a little store. They maintain a predetermined budget, receive play money, and purchase as they choose. To maintain interest and realism, I alter prices and include unexpected discounts. The aim is to teach kids to consider before they spend and make trade-offs. They soon realize that wasting all of their money up front will cost them eventually. My favorite thing about it is how it automatically leads to genuine discussions about saving, making wise decisions, and even negotiating. The goal is to teach kids to be mindful, not to be flawless with money.

Teaching kids about money can be both practical and fun, especially when lessons are tied to real-life experiences or imaginative play. As a financial literacy educator working with middle school students (9-14), I've found that blending conventional methods with creative thinking not only builds skills, but also sparks curiosity and lifelong money habits. Here are 2 activities that parents can do at home to reinforce financial literacy with their kids: 1. Conventional and Easy: "Receipt Detective" Age Range: 9-14 years old Activity: After a family shopping trip--whether for groceries, clothes, or school supplies--give your child the receipt and challenge them to become a "Receipt Detective." Their job is to: * Categorize each item as a need or a want * Add up the total spent on needs vs. wants * Identify any discounts or savings and calculate how much was saved * Suggest one way the total cost could have been reduced This activity can become a weekly habit, turning everyday spending into a fun math and values exercise. Lesson Learned Children learn to distinguish between needs and wants, use math in real-world situations, and think critically about spending decisions. It introduces them to budgeting, consumer awareness, and cost-saving strategies in an age-appropriate way. 2. Out-of-the-Box and Creative: "Money Time Travel Journal" Age Range: 10-13 yrs old Activity: This imaginative activity invites kids to create a "Money Time Travel Journal," where they envision themselves at different life stages-ages 16, 25, 35, and 65. For each stage, they write or draw entries describing: * Their income and how they earn money * What they're spending on and saving for * A financial challenge they're facing * One piece of advice they would give their younger self Kids can design it as a journal, comic book, or digital slideshow/video diary. Lesson Learned This exercise helps students visualize financial growth, introduces concepts like career planning, long-term savings, investing, and retirement, and builds emotional intelligence through financial empathy. It encourages kids to think about how money habits evolve with age and experience. Both activities are age-appropriate, hands-on, and build a strong foundation for financial literacy. One is rooted in everyday experiences, while the other fosters creative thinking about future financial goals- together, they show kids that money is not just about math, but about choices, values, and possibilities.

For parents looking to teach financial literacy to children aged 10 to 14, I recommend the "Chore Bank" system. Kids earn money for completing household chores, simulating a real-world job and salary. They manage their "earnings" by depositing them in a family-monitored bank, allowing withdrawals for desired purchases. This helps instill the value of hard work, savings, and making informed spending decisions. I also suggest introducing a "Value of Investments" game for ages 12 and up. Provide children with play currency to "invest" in various mock opportunities, like stocks or bonds. Track these investments over time, showing gains or losses. This activity makes the concept of investment tangible and teaches risk management while prioritizing informed decisions over speculation. A simple budget creation exercise can be effective for ages 13 and up. Have them outline a monthly budget for a fictional, limited-income scenario, considering essential expenses like housing, food, and utilities. It facilitates understanding of financial priorities and the importance of budgeting, empowering children to handle future real-life financial situations skillfully.

I took my son Quentin to a healthcare trade show where I was the keynote speaker. Three days. No iPad. No phone. Just the two of us, walking the floor, sitting in sessions, thirty thousand steps a day. Before we even got on the plane, I sat him down and explained why we were going, what a trade show is, why someone would pay me to speak, and what clients actually care about. He sat in on podcast recordings, watched me pitch in real time, and afterwards, he'd ask questions like: "Why did they say yes?" or "How much do you get paid for that?". Questions most adults don't even ask out loud. Quentin hears me take client calls in the car all the time. In the car, at breakfast, on walks. He's heard me negotiate pricing, walk away from bad fits, and once he heard me go toe-to-toe with a marketing agency that completely dropped the ball. After that call, he looked at me and asked, "Why did he get so angry?" And I told him: "Because a lot of people hear feedback as an attack, not as a gift." Then we talked through what happens next: how to follow up, how to reset the relationship, and why business is as emotional as it is logical. That's not a school lesson. That's an MBA with dad.

As a video producer, and someone who's always had an eye on both creativity and the bottom line, I've found that teaching kids about money doesn't have to be dry or difficult--it can actually be fun and empowering. Here's one of my favorite activities that my mother used with my siblings and me when we were little, and I'd recommend it for kids ages 6 to 10: "Grocery Store Budget Challenge" Age Range: 6-10 years old What You'll Need: Play money (or real dollars and coins), grocery store ads, scissors, glue, and paper How to Play: Give your child a "budget" of, say, $20 in pretend money. Hand them a grocery store flyer and have them "go shopping" by cutting out pictures of items they'd like to buy--milk, cereal, fruit, cookies, etc. Explain that store coupons can be also used as money for particular items that may be on sale. They'll need to total up their purchases and make sure they don't go over budget. If they do, they'll have to make choices about what to keep and what to put back. Bonus points if they can come up with a well-balanced "meal" with their selections! Lesson Learned: Kids begin to understand that money is finite, and that choices must be made--sometimes that means putting back the cookies to afford the strawberries. It also introduces basic math and budgeting skills in a real-world context. And if you want to take it a step further, let them help with real grocery shopping sometime, handing over the money or card at the register. Those early moments build confidence and awareness around money. Money talks--but it can also play! And the earlier kids get their hands (and hearts) into it, the more confident they'll grow.