How to Teach Kids Smart Money Habits This Summer

Teaching kids about money early sets them up for lifelong financial success. From managing their allowance to understanding the difference between wants and needs, the best financial lessons can start now—and grow with them over time.

Start with Simple Concepts
Help your child understand the difference between needs and wants. Needs are essentials like food, clothing, and shelter. Wants are fun extras—like a new toy or the latest gadget. Try asking them, “Is this something we need, or something we want?” during everyday decisions. These conversations build critical thinking and financial awareness early on.

Make Budgeting a Summer Project

Use the excitement of summer to introduce fun budgeting lessons:
 • Let kids manage birthday money or summer job earnings
• Create a simple budget worksheet together
• Plan family vacations with their input to practice real-world decision-making

💡 Pro Tip: Use the classic "Save, Spend, Give" method to help kids:
• Save for goals
• Spend wisely
• Give to causes they care about

Try an Allowance System
If you haven’t already, consider giving your child a regular allowance. This gives them hands-on experience managing money—whether it’s tied to chores or given freely as a learning tool. Encourage your child to make their own spending decisions, even if they occasionally make mistakes. It’s all part of the learning process.