Financial Advice I Share with My Children

Published by Shayla Kriha

Are you a saver or someone who spends money? Did your parents teach you how to save? Maybe they didn’t talk about money or finances because they felt like it was an adult conversation, not something to burden you with growing up. The reality is that parents are influencers and the earlier they can start teaching good financial behaviors, the better off the next generation will be.

Typically, we as parents have two types of children. We may have a child who never spends money, and we may have one that money burns a hole in their pocket; they feel the need to spend as soon as they get the one dollar, $5, $100 or $1,000 gift from grandparents or relatives during the holidays.

We know how important it is to keep our children safe from always pushing issues, like strangers or from being bullied at school; however, it’s just as important we teach our children about financial security and saving and when it’s okay to spend these gifts they receive. When we become good role models financially, they learn habits that become a part of their mindsets for the rest of their lives. As parents, we must step up and never miss a teaching moment. Here are some of my techniques and tools that have been helpful in teaching my boys how to save:


  • Never miss a teachable money moment at any age
  • Teach the importance of saving at an early age
  • Set goals or timeframes to save
  • Ask questions like, is this a need, want or desire?
  • Teach them always to be mindful of money ?
  • Be encouraging and supportive
  • Make it fun and rewarding
  • Empower them to be savers

Helpful Tools

  • Use clear jars as opposed to a piggy bank, and label each jar with a goal. Clear jars let children see what they are saving, sometimes the weight of a piggy bank does not give them the visual of what they have saved
  • Use charts or graphs and color code them to show the progress of savings
  • Establish a savings account at the bank with your child so they go through the process from the beginning. Let them make deposits at the bank or ATM and let them receive that deposit receipt- which we all know makes us feel good!
  • Give an allowance for weekly chores but match the original allowance as if it’s an employer contribution. This will show the importance of matching and compounding in a savings account or investment account. ??

My advice to you is to never miss a teachable moment, take these tools into consideration with your young ones and always be financially mindful at every stage of life with your children.


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