Fun money activities your kids will love now, that will also help set them up financially for life5 min read

Teaching kids about the value of money can be hard, especially these days when most of our day to day money transactions are done online, with our ATM card or cell phone. But the earlier your kids start good money habits the better, so here are 4 fun activities that will teach them lifelong money lessons without them realizing it. 

Lesson #1 - Money doesn’t grow on trees

Lesson #1 - Money Doesn't Grow On Trees

Nope. No money on these trees. Just pecans!

It’s the classic phrase we use to steer our kids away from the toy section, but, in order for your child to understand that money is earned, not given away, you’ll need to demonstrate how hard work and effort can lead to financial rewards. 


It’s time to pull out the monopoly money (or get crafty and make up your own family-crested currency). Sit down with your kids and together, list out every chore or activity you all have to do in a week. Everything like grocery shopping, cooking dinner, stacking the dishwasher, school assignments, even walking the dog. Have your kids help you assign a monetary value to each chore.

Now, make your kid the family boss for the week. It is their responsibility each day to assign tasks and then pay each family member (including themselves) the money earned for completing a chore. Put each person’s name on jars where the money is placed so that they can see it piling up over the week as you all complete your chores. At the end of the week, add up the amount earned and then use this to discuss how each of you would spend, invest or save the money if it were real money.

Related Post: What Is The Best Way To Support Our Kids Financially?

Lesson #2 - Budgeting is about planning for the things you want

Lesson #2 - Budgeting is about planning for the things you want

Not too many kids wonder how your family can afford the things that you enjoy. Things like a Friday dinner out, a Sunday movie session or your annual family vacation. We know these things come through budgeting and saving. And the biggest lesson to teach your kids about budgeting is that a budget isn’t there to restrict your life, it’s there to help you plan for the things you can and want to have.


Get the creative juices flowing by creating a family spending plan. Have a family session planning what you’re going to spend money on over the next year. Don’t limit your plan to fixed expenses like mortgage payments, utilities and food though. Include things like how much you want to spend on entertainment, clothes and vacations. Get your kids to customize the plan with cardboard, colors or funny photos, while listing their short and long term goals and when they’d like to achieve them by. The key for every family member is knowing that you won’t be able to meet your goals by poor or lazy spending habits. What do you all need to do to help you meet your family spending plan?

Related Post: Does Your Budget Constrict or Empower You?

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Once your child grows up and starts earning a wage, interest rates will be a massive part of their daily life, yet research shows that few people really understand how they work. It’s important to teach them now how interest rates can either add to your wealth or send you into debt.


Ask your child to be your banker by asking them for a small loan. Explain that you will pay them back ‘with interest’. Agree on an interest rate and a date that you need to repay the money by. For instance, say you borrow $5 from your child. If you agree on a 10% interest rate, when you give the money back, you’ll give them $5.50. Help them to understand that the 50 cents represent the cost of having to borrow the money. Just don’t be surprised if they get too clever and start negotiating for a higher rate the next time!

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Lesson #4 - Be responsible for your choices

No one is going to take more interest in your financial well-being than you, so it is important to teach your kids to take an active interest in money and decisions that affect every household financially. For instance, have you ever talked to your kids about the cost of electricity and how every action they make around your home contributes to the power bill? 


Play a game of ‘eye spy’ an electricity waste. Ask your kids to help you work out ways you can save on your next power bill. Show them how much you pay now, and give them a challenge to help you reduce it by 10%. If you need some extra tips for slashing your bill, check out Mozo’s kid power article.

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Kirsty Lamont

Kirsty Lamont is a money expert and director at financial comparison website She is passionate about helping families make better, more informed financial product choices and to live life richer.
Posted in Family Finances, Finances, Guest Post, Money $aving Tips.


  1. Love these lessons. Thanks for sharing. I focus on teaching my 3YO that money comes from work and is not “free.” I think he’s starting to get it too!

    • That’s great! Anything you can do to start teaching them age appropriate things will definitely spur them on! My little ones, 5 & 3, love to help with cleaning for the most part. Especially when the vacuum is out!

  2. Hey Jason, thanks for your comment. Impressive to hear your 3YO is already starting to get the link between work and money. And Stephen, it’s definitely a plus when the little ones like to help…especially when it comes to vacuuming. 🙂

  3. Awesome ideas. So wish I’d learned as a kid and had been able to teach my kids using these ideas. At least I can share them with others!

    Great stuff Kirsty!

    BTW- It’s included in the Nov. 18 Fav Five, over at Money is not Taboo.

    • Hey Keith, glad you enjoyed it! I love the way they point the kids to “big ideas”! Glad to see it included in the Fav 5 again! Going to check it out now! Have a great weekend! Looks like we’re getting our first snow today as it’s starting to come down!

  4. Hi Keith, great to hear you’ve included my post in your “Fav Five”! I’m going to head there now ;-). And Steven I can’t say it’s ever snowed in central Sydney before…

  5. These are great ideas, Kirsty! I’ve also been teaching my kids about the value of money and, especially, financial freedom. The best way to learn is by example. My teenage daughter just started working recently and has been doing a great job so far.

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