How money savvy are your children? “Easy come, easy go” is how a lot of kids see money — mine included. As parents, teaching children to understand and respect money is one of those quiet, everyday life lessons that pays off for years to come.
From an early age, our kids received money as gifts, and we always encouraged them to save at least some of it. Here are some simple, practical ways you can help your own child become more money savvy.
YOU MAY ALSO ENJOY: Take Our 52 Weeks Savings Challenge!
Watch: Helping Your Child Become More Money Savvy
Watch the video below for more on this topic.
Know Where Money Comes From
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To learn the value of money, children really need to understand how it’s earned. From an early age, explain where your household’s money comes from — for example, “Mum goes to work every day and gets paid at the end of each week or month.”
Introducing pocket money tied to chores can help your children see money as something they earn, rather than something they simply receive. It gives them a real appreciation of where money comes from — and that it isn’t always easy to come by.
Keep Advice Age Appropriate
Money advice should always be pitched at the right level for your child’s age. You don’t want to scare young children with talk of bills, debt or what you can’t afford before they’re old enough to understand it properly. There’s a balance to strike between teaching good money habits and overwhelming them with information, or passing on your own money worries.
You can start small — play shops with pretend money are a great way in. Children “pay” to buy goods and, as they get a little older, can practise simple calculations as the shopkeeper.
As they grow, assigning chores in exchange for pocket money, encouraging them to save part of any money they receive as gifts, and helping them work towards something they really want are all great ways to build money savviness over time.
Give Your Child Their Own Account
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It’s worth giving children their own account. Not only does it keep their money safe, it gives them real responsibility for their own spending and saving.
The An Post Money Mate account is designed for children aged 7 to 15. Features for parents and kids include:
- Parent and kids access via the An Post Money app
- Parents can view transactions, set spending limits for in-store, ATM and online use, and transfer funds in (but not out!)
- A contactless Mastercard debit card for in-store and online purchases
- A Jobs feature where parents can set tasks for their child to earn rewards
- A Jars feature so children can save money and watch it build up
- The ability to freeze a lost or stolen card, plus an emergency Jar feature so children can access money instantly if they need it
T&Cs apply. The An Post Money Mate Debit Mastercard is issued by An Post. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. A monthly maintenance fee applies. An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of such services.
Spend, Earn, Save
With the An Post Money Mate account, children learn how to earn, save and spend money using their own debit card and app.
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Have a Cooling-Off Period
Buying shiny new things is always tempting — but is it worth it? We’ve all had buyer’s regret, and our kids are no different. The must-have toy that gets five minutes of play before the interest fades, or the trendy trainers that turn out not to be that comfy…
Encouraging your child to save for something, or to think it over for a while rather than rushing into a purchase, is always a good idea — especially for bigger, more expensive items.
Impulse buying gives instant gratification, but sometimes the packaging is better than what’s inside the box! Helping your child pause before buying builds not just money savviness, but more thoughtful consumer habits too.
Lead By Example
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The best way to teach your kids to be money savvy is to lead by example. Simple everyday habits — meal planning, writing shopping lists, household budgeting, checking statements, and letting them see you put money into a savings account — all help set the tone.
Most of all, make money a normal, regular topic of conversation. Include the whole family in conversations about bigger spending decisions, such as holidays, and explain that choosing one thing sometimes means going without another.
Give Your Child Responsibility
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As they grow, give your child real responsibility for their own money. Within reason, let them choose what to buy — even when you don’t always agree with the choice. Learning from a purchase that didn’t quite live up to expectations is a valuable lesson best learned early, and it builds an appreciation of savvy spending for later in life.
Be there if they have questions, encourage saving, and support responsible spending from the sidelines rather than taking over.
Going digital is a great way to build your child’s money awareness, especially since you’ll usually have oversight of the account and can keep track of their spending without them feeling watched over every purchase.
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Frequently Asked Questions
What age should I start teaching my child about money?
There’s no fixed age to start — even very young children can begin learning through pretend play, such as a play shop where they “pay” for items. As they grow, you can build on this with pocket money, simple chores, and later, their own account.
How can I teach my child where money actually comes from?
Talk about it in simple, honest terms — explain that a parent goes to work and is paid for that work. Linking pocket money to chores also helps children understand that money is usually earned rather than simply given.
Should I open a bank account for my child?
Giving your child their own account can help them take real responsibility for saving and spending. Look for an account designed for children, with features that let you keep oversight while still giving your child some independence.
How do I keep pocket money and chores linked fairly?
Set clear, age-appropriate tasks and agree the reward in advance. Keeping it consistent helps your child see the connection between effort and earning, without feeling like every single job in the house comes with a price tag.
Related Articles
- Take Our 52 Weeks Savings Challenge!
- 40 Chores for Kids Depending on Their Age
Save This for Later
Not ready to put all these tips into practice today? Bookmark this article or save it to your favourite parenting board so you can come back to it as your child grows and their money habits develop.
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