5 Tips to Teach Your Kids Money Skills in 20 Minutes a Day

Teaching kids about money doesn’t have to be overwhelming or time-consuming. With just 20 minutes a day, you can instill lifelong financial skills in your children, helping them grow into confident, financially savvy adults. Here are five practical and easy ways to get started:

1. Make Chores a Lesson in Earning

Turn everyday tasks into an opportunity to teach the value of earning money. Assign age-appropriate chores and reward them with small amounts of money. For younger kids, this could mean a few coins for making their bed, while older kids could earn allowances for completing bigger tasks like mowing the lawn or babysitting.
Pro Tip: Teach them to set goals for their earnings, like saving up for a toy or a game, to connect effort with reward.

2. Create a “Spend, Save, Share” Jar System

Introduce the concept of budgeting by using three jars labeled “Spend,” “Save,” and “Share.”

• Spend: For everyday treats like ice cream or small toys.
• Save: For bigger goals, such as a new bike or video game.
• Share: For giving to a charity or helping someone in need.
  Spend a few minutes discussing how they’ll divide any money they receive. This hands-on activity teaches them to balance immediate wants, long-term goals, and generosity.

3. Play “Smart Shopper” During Grocery Runs

Bring your kids along on shopping trips and turn it into a game. Give them a mini-budget (e.g., $5) and ask them to find the best deals on items you need, like snacks or fruit. This teaches them comparison shopping, decision-making, and the value of a dollar.
Bonus: At home, have them help tally the receipt and calculate any savings from discounts or coupons.

4. Use Storytelling to Explain Money Concepts

Kids love stories, and you can use them to teach key financial concepts. Share a simple story about a character who learns to save for something important or avoids a money mistake. Or, read a children’s book about money together.
Quick Activity: After the story, ask questions like, “What would you do if you were in their shoes?” to spark critical thinking.

For an easy way to find financial literacy stories, visit the Prindle House Publishing YouTube channel, where you’ll find engaging story videos designed to teach kids about money in a fun and relatable way.

5. Practice Goal Setting with Real-Life Examples

Help your kids set a savings goal for something they want, whether it’s a toy, a trip, or a fun experience. Break the goal into smaller, achievable steps, and track their progress daily or weekly.
Engagement Tip: Use a visual tracker, like a thermometer or chart, where they can color in their progress. It keeps them motivated and makes saving fun!

Final Thoughts

Teaching kids about money doesn’t have to be complicated. By integrating these simple activities into your daily routine, you’re equipping them with the financial skills they’ll need for life. In just 20 minutes a day, you’re planting seeds of financial independence and responsibility that will grow with them for years to come.

Got a favorite money lesson you share with your kids? Let us know in the comments!