A Real Life Money Lesson for Kids… And Printables to Teach It!

money lesson

What money lessons did you learn growing up? My father worked very hard, and my mom stayed home—also working hard—to raise four children. I deeply appreciated everything they bought me because I knew their financial resources were pretty limited. As I try to teach my own children the value of a dollar, I’m so glad a real-life money lesson came up for my daughter.

It started when we sold the bedroom furniture she’d had since she was a toddler. We let her take the money from the sale and use it as a budget to choose new furniture. She set her sights pretty high at first and then came back to the real world.

“Mom, furniture is expensive!” she said, as she scoured websites and Craigslist.

She kept a running total of how much each item cost and what that left for her next purchase. By having to budget, she learned a real-life money lesson. There is no money tree!

You can do the same type of thing with your children. If they get an allowance, use our share, save, spend printable to help them allocate their money. Next, talk to them about how they want to use their “spend” dollars and let them fill out the ask why before you buy printable so that they can really consider their purchase.

In fact, that printable is something lots of adults could use too—me included!

© 2014 iMOM. All Rights Reserved. Family First, All Pro Dad, iMOM, and Family Minute with Mark Merrill are registered trademarks.

In The Comments

What's the best money lesson you've taught your children?


  • Shanthi Gamble

    One thing we do during the summer is give the kids a grocery allowance (part of our budgeted amount). Each child gets (about $7 for us) money per week for their bfax and lunch. They have to make a menu, do the shopping, and then make the food. We also tell our kids that we’ll buy all the fruit and veggies (trying any incentive to get them to eat more!). It amazing what they come up with. And yes, it’s not always healthy (top ramen is incredibly cheap) and it’s not always easy to stay within the budget (especially for the g-free daughter). But they are learning how to pool their money and share a gallon of milk and trade food if one has too much and the price of food these days. So it’s a great lesson, plus it makes the summer more fun for them and me. They can sleep in and make their own bfax whenever and I don’t have to stress over every meal. We’ve done it for about 3 or 4 years now. There was a lot of shocking revelations for the kids the first summer, but last year in April they were already asking if we were going to do it again. I can predict already who will eat top ramen and pancakes in college. 🙂