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Fun and Simple Ways to Teach Kids About Money
- Family Compassion
- 5 minutes ago
- 3 min read
When should you start teaching kids about money? According to Stephen Day, Ph.D., director of the Virginia Commonwealth University Center for Economic Education, the earlier, the better.
Day, author of the upcoming book Teach a Kid to Save and creator of the Substack blog Paper Robots: Helping Families Talk About Money and Work, believes elementary school is the ideal time to begin these lessons. That’s when children start forming habits and internalizing what “our family does” in response to everyday situations—including financial ones.
“Learning about money isn’t just head knowledge,” Day says. “It’s about getting started with habits that will last a lifetime.”
The key is consistent, real-world practice—and that doesn’t have to be hard or boring. In fact, Day encourages parents to make it playful and practical.
“All of these activities have been successfully used with kids,” he says. “This is real-life tested—not just theory.”
1. Budgeting for a Pet
Ask your child to think of everything a pet might need—food, collar, vet visits, etc. Give them 20 pennies to represent a budget. How would they divide the money across these needs? This teaches budgeting in a hands-on, relatable way.
2. Price Hunt at the Grocery Store
Challenge kids to find big items with a small price tag and small items that cost a lot. It sparks conversations about value and why we make certain choices when we shop.
3. Stick to the List
When shopping, let your kids help find items on your grocery list. This teaches focus, planning, and the importance of avoiding impulse buys.
4. Ask One Good Question
Each Trip Next time you're at the store, ask one of these thought-provoking questions:
Where is each product from? (Introduce the idea of global trade.)
Why does a light item cost more than a heavier one?
Should we compare price tags or unit prices?
Do products with more ingredients cost more?
Is healthy food more expensive than junk food?
Which section has the most expensive items, and why? These spark discussions about economics, nutrition, and decision-making. Ages 6 and up
5. Prioritize the Week
Have kids list their weekly activities and rank them by importance. This introduces concepts of scarcity, planning, and goal-setting.
6. Play Money Games
Inspired by Bluey Use episodes like Markets or Fancy Restaurant to role-play shops at home. Give kids play money and let them set prices, negotiate, and trade.
7. Host a Family “Market Day”
Encourage kids to create their own business—from selling art or smoothies to doing chores. Use play money to buy, sell, and trade with each other. It’s a fun way to explore entrepreneurship, trade, and pricing.
8. Run a Mini Family Economy
Assign chores with job titles, and pay each family member (including parents) in play money. Once a week, open a household “store” for small treats or privileges. Start every payday by contributing to a Share Jar, then a Save Jar, before spending. This teaches budgeting, generosity, and family financial habits.
9. Try Coin Rubbing Art
Place a coin under paper and rub it with a crayon to reveal its impression. Use the rubbings in crafts and teach kids to recognize different coins.
10. Explore Currency Design
Ask kids what they think the images and symbols on bills and coins mean. It’s a fun way to spark curiosity about money’s history and purpose.