Teaching Kids to Save Money: Strategies That Actually Work
I’ve spent a lot of time researching and testing different ways to teach kids about money, and let me tell you—there are tons of ideas out there! Some work better than others, and some depend on the child’s age and personality. Here are the best strategies I’ve found, broken down by age group.
Ages 3-6: Introducing the Concept of Money
At this age, kids are just starting to recognize money as something used to get things. The goal is simple exposure and making saving feel fun.
Best Strategies for Young Kids:
✅ Use a Clear Jar for Saving – A piggy bank does not show progress but a clear jar lets them visually see their money grow. See our affordable jar topper products for an exciting way to feed the “hungry” jar with coins!
✅ The “You Can Buy It Later” Rule – When they want something, encourage them to save for it instead of buying immediately.
✅ Play “Store” at Home – Let them “buy” items with play money so they understand how transactions work.
✅ Give Small Rewards for Saving – If they choose to put money in their jar instead of spending it, give praise or a small bonus coin to reinforce the habit.
💡 PRO TIP: Kids this age have short attention spans—make saving a daily habit, even if it’s just a few coins at a time.
Ages 7-10: Hands-On Learning With Real Money
By now, kids can grasp the idea of earning, saving, and spending. They’re also old enough to start managing small amounts of money.
Best Strategies for Elementary Kids:
✅ Let Them Earn Money Through Small Jobs – Instead of just giving an allowance, let them earn money by doing optional chores or helping with projects.
✅ Teach the “Save, Spend, Give” Method – Have three jars: One for spending, one for saving, and one for giving (like donating or gifts for others). We provide many styles of piggy banks to help remember each category.
✅ Set a Savings Goal Together – If they want a toy or game, help them plan how long it will take to save by breaking it into weekly goals.
✅ Open a Simple Savings Account – If they’ve saved enough, take them to a bank and open a basic savings account. Kids love feeling “grown-up” with their own account.
✅ Our more interactive piggy banks remind kids to roll a coin down a slide for fun.
💡 PRO TIP: Kids this age learn best through experience—let them make small spending mistakes so they see the consequences of wasting money.
Ages 11-14: Learning Delayed Gratification
Pre-teens are starting to make more independent decisions. This is the perfect age to introduce long-term saving and budgeting.
Best Strategies for Pre-Teens:
✅ Give Them a Monthly Allowance Instead of Weekly – This forces them to budget so they don’t spend it all at once.
✅ Teach Them to Price-Compare – Next time they want to buy something, have them check prices online and in stores so they see the value of waiting for a deal.
✅ Introduce the Idea of Investing – Even if it’s just a kid-friendly investing app, show them how money can grow over time.
✅ Have Them Contribute to Big Purchases – If they want something expensive, like a gaming console or bike, ask them to save up for part of it.
✅Check out our GOAL piggy banks, shaped like common goals for kids (Skateboard, Bike, Game console) to remind them it’s worth saving for.
💡 PRO TIP: Kids this age hate being told what to do—instead of strict rules, encourage smart money habits through discussions and real-life examples.
Ages 15-18: Preparing for Real-World Finances
Teenagers are almost adults, and now is the time to teach money management skills they’ll need in the real world.
Best Strategies for Teens:
✅ Have Them Open a Bank Account With a Debit Card – Let them manage real money, but set limits to prevent overdrafts.
✅ Teach Budgeting Apps – Apps like Mint, YNAB, or even a simple spreadsheet help teens track spending.
✅ Introduce Passive Income Ideas – If they want to make extra money, show them ways to resell items online, do freelance work, or invest in stocks.
✅ Teach Credit and Debt Early – Explain how credit cards work, the dangers of debt, and how to build a good credit score.
✅ At this age it’s important to remember your never too old to collect piggy banks!
💡 PRO TIP: Teens need real-world practice—give them a fixed budget for clothes, entertainment, or gas, and let them manage it.
Final Thoughts: Keep It Real & Fun
There’s no one-size-fits-all approach, but the key is making money lessons feel real instead of just theoretical.
- Let kids make small mistakes early so they learn without big consequences.
- Celebrate savings goals—make saving money just as exciting as spending it.
- Lead by example—kids copy what they see, so be mindful of your own spending habits.
Teaching kids about money isn’t about being perfect—it’s about starting early and making it part of everyday life. Hope these strategies help! 🚀💰