Instilling Financial Planning In Children

Along with the changing trends in shopping, working styles, education; we see changing mindsets in parenting, schooling too. There are many people who support financial understanding and planning in young children as young as 3 years old. On the other side, there are others who think that children don’t need to bear the burden and responsibility so young! So, what according to you is correct? Well, opinion varies much! But, we have done a lot of research, based on few surveys and polls conducted on this topic, we found that majority of them would love to inculcate the habit of financial planning right from the young age. So, here we present on ways to raise money, smart children. We tell you everything you need to know about the financial planning steps for your children.

The importance of financial planning for children:

Finance is a vast and never-ending topic in one’s life. When the child is exposed to good skills from a young age, they will be ready for all the challenges that money throws for the rest of their life. Teaching children about budgeting, spending and saving basics are essential for a smarter adulthood. Giving a great foundation at the right age about finances is not just a skill but aids in complete personality development. There is a lot of difference between children who are trained and untrained financially.

The right time to talk to children about money:

Well, so having said that can we talk to children about money, day in and day out? Or just explain to them casually and leave it? Nope, the latter may not be effective enough to instill skills in them and the former will surely make them hate the idea. So, both of these that we mostly follow won’t help you effectively! Let’s see few times, where you can explain the financial terms and ideas in a more practical way, and in a realistic manner.

ATM Kiosk:

ATM is the first right place to teach kids about money. To teach them, that plastic money doesn’t mean unlimited and teach them the accounts and other details. How you get money, and how hard earned money is! This also helps them to understand the withdrawals and balance terms when you explain them with numbers.


Supermarkets are places where you can clearly explain children about choosing products based on price and how you can find the same product with lesser price elsewhere. They must know about comparison charts. This will teach kids about shopping wisely, choosing for places with best prices and looking for any offers.

Bill payments:

Letting children know that the rhymes and other games they play cost them and to the family, expenses. Show the bills to them and allow them to think upon it. Teach them the value of using energy wisely.  Tell them how your hard earned might go waste if they don’t remain conscious about energy, the internet, and other things. Also tell them how you can save on these, and utilize the money for many important things or occasions.


Allow your children to take part in the family budgeting discussions. Let them know that budgeting is very important to maintain the finances well. How much is the money available for family expenses weekly or monthly, and what the kid’s expense is for the same can help them understand the importance of spending and saving! It also gives them a clear idea about forming important and least important categories in their expenses.


Conceptual Age wise money planning

Children as we said, are taught to learn right from the age of 3 starts to learn and observe things from the financial views. When you give them something right for their age, they will surely take part in the activity and you will be benefitted in the long run.

Pre-School group:

Teach them with smaller denominations, using coins and small notes.
Money is important to buy things
Show and tell them that you work for money
Needs and desires are entirely different entities and teach them to start differentiating.

Primary schooling group:

Comparing before you purchase a product is very essential
Don’t share your online information about accounts and passwords to this category
Saving takes time and teach them that its fruitful in the long run.
Teach about making choices to spend.

High Schoolers:

Cash is always better than plastic money
Credit is always with an interest charge and teaches them that it’s the last and leas
option to rely on
Savings often help in emergencies
Learning to read the payslips and know the deductions
Learning to handle accounts
Budgeted spending is always useful

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We hope this was of good use and you might rely on these tips when you need!