Encouraging Children To Be Responsible With Money

Encouraging Children To Be Responsible With Money

Adopting a responsible attitude towards money starts at home. You don’t just need to teach your little ones to understand what money is, but also to help them make sensible decisions. If you’re sometimes a bit clueless about money yourself, then you can find out more here. Once you’re more knowledgeable yourself, you can then use these ideas, encouraging children to be responsible with money.

Play money-related games

Board games like Monopoly can be great for teaching children all about money and life. It’s a safe environment to make mistakes in and lose everything, as it’s not real but operates by real-life rules.

Go shopping

You can turn a weekly routine into a lesson by taking the kids shopping. Tell them how much you have to spend and get them to try to get everything on the list and still come in under budget. Encourage them to compare brand prices, look for two-for-one offers and to cut out coupons, as well as looking in the reduced aisles.

Give pocket money

Whether this money is earned or given, make sure your children know that it’s theirs to manage and that once it’s gone, there’s no more until next week Encourage them to divide their money up into piles – one for spending and one for saving. If they decide to spend all of their money, it’s better that they do it while you’re still feeding them. Even if your children only manage to save a few pence a week, it’s something and they can see their savings grow.

A little girl putting money in her piggy bankImage source Tom Wang/Shutterstock

Open bank accounts

Once your children realise that money can be made to grow with interest, they’ll be quite keen to add to their balance! Allow your children to learn about not only the benefits of saving but also how the interest rate will affect them if they were to use overdrafts when they are older.

A little girl holding a bank cardImage source Kues/Shutterstock

Teach them about credit and debit cards

Younger children think that credit cards and ATM machines are endlessly benevolent inventions that just allow grown-ups to magic money out of a wall and pay for things with no consequence. Make sure that your little ones understand that the money in the machine is already yours and that this is where they access the money that they too have saved or earned.

Be the example you want to set

Don’t lie to your partner about getting those shoes on sale, resist impulse purchases, save a few pounds, look for cheaper alternatives and emphasise how the really good things in life – family, friends, health and nature – don’t cost a penny.

Cultivate generosity and charity

If you have money and you’re able to save some, then you may decide to give some to those less fortunate. Not only does giving to charity make you appreciate what you have, but it also makes children feel that they’re making a real difference to the world.

Featured image MichaelJayBerlin/Shutterstock

*This is a collaborative guest post*



  1. Kirsteen Mackay January 9, 2019 / 6:43 am

    This is really good advice. My children get some money for helping with chores but they don’t have regular pocket money and I’ve never looked into opening bank accounts for them.

  2. Anthea Holloway January 9, 2019 / 7:05 pm

    I quite agree that children should learn the value of money from an early age. There is some very good advice here. Thank you.

  3. Tracy B January 10, 2019 / 1:41 pm

    This is something that I think is so important to teach children from an early age. Great ideas!

  4. Catherine Bullas January 10, 2019 / 2:39 pm

    It’s very important to teach children the importance of managing money.

  5. Emma Middleton January 10, 2019 / 6:50 pm

    I always try to teach my kids to be good with money, thanks for the great advice, I will be putting some of it in to practice

  6. Tracey Hallmark January 10, 2019 / 9:57 pm

    Great article thanks for the tips I’ll certainly be putting these into practice and Happy New Year to you

  7. Kim Carberry January 11, 2019 / 11:21 pm

    My teen used to waste her pocket money until I opened her a bank account and paid it directly into that. Now she is a saver. She knows she can spend it online and is now saving for some trainers which I won’t buy her becuase I think they are too expensive.
    It’s funny that you say that about debit cards. My girls used to think there was an endless supply of money in the cash machine. It’s only since they got older they realised that we have to earn it. (well my fella does) x
    Kim Carberry recently posted…This week my Word of the Week is: Routine! #WotWMy Profile

  8. Cindy Gillespie January 12, 2019 / 2:43 pm

    Great blog xx My children encourage my grandchildren to save some of their pocket money each week and I like to encourage them by saving all my change in a big bottle and each time they come to stay they like to add it up to see how much is there. Once it is full, I cash it in and it pays for a great family day out xx

  9. Gillian McClelland January 13, 2019 / 12:54 pm

    Lots of great ideas to follow to help set good behaviours relating to money

  10. Rosie Doal January 14, 2019 / 5:20 pm

    I work hard to teach my kids to be responsible. They’re very scrupulous with their pocket money and know when and how to use it. They hate wasting their money because they know they have to wait to earn it again. Some good tips here x #MMBC

  11. Crummy Mummy January 14, 2019 / 8:07 pm

    We don’t give pocket money yet but I’ve been wondering if we should start doing it – what you say makes sense! #MMBC

  12. T Brailey January 15, 2019 / 7:43 pm

    I always gave my children pocket money and taught them to spend and save within their mean. Great ideas in blog – makes the world of difference to get kids used to the workings of money.

  13. Emily Hallett January 16, 2019 / 7:50 pm

    This is so important – I don’t remember being taught this kind of thing when I was younger

  14. Emma Salter January 16, 2019 / 9:58 pm

    I’ve always tried to teach my daughter the value of money. I teach in a secondary school and some children think that £10 is nothing. If she really wants to buy something she does save up her pocket money for it. I’m thinking of introducing chores this year though. I just hope it goes well.

  15. Kevin Bloomfield January 17, 2019 / 2:13 pm

    very important that children grow up knowing hoe to budget and not to overspend!

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