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Back-to-School 101 - School Age  


Young children love to put things into other things. Get them a piggybank and let them handle different types of coins. At first, identify each coin by name before putting it in the bank, and as they get older, you can teach them, for example, how 5 pennies equal one nickel.

Elementary School

Once children enter school they have a general understanding that things cost money and sometimes there isn’t enough money for everything they want.  Have discussions about setting goals and saving for them.  Open a savings account and let  children go to the bank and make their own deposits.  When the statement comes, review it together and talk about how their money is earning interest.  Another idea is to allow children to make choices with the money that they have to spend.  For example, when you go to the grocery store, give children $5 that they can spend how they please. That way you are not always telling them “no”, but they can choose what they want. One of two things will happen. They will have fun knowing that they can pick out what they want, or they will realize that this is their money and they don’t want to spend it.


Continue giving your children the opportunities to make decisions with how to spend their money.  Clothes, school supplies, personal care are a few things that you would normally purchase for them. Giving them a budget for these items, and allowing them to make choices on what they will buy, will help prioritize their purchases.  This is also a time to develop their entrepreneurial skills to allow them to earn extra income.  The adventure of starting a small business is a great financial lesson for kids.  They learn how to set and achieve goals, understand profit and loss and get rewarded for hard work.  Make sure you, as the parent, are there to support them, but allow them the opportunity to experience the good and the bad of their financial decisions.

Back-to-School 101 - Teens

Back-to-School 101 - Parents

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