Teaching Kids About Money

Money Lessons by Age

Ages 3–7: Start Simple

• Introduce coins and bills, and explain the difference between wants and needs.
• Let children make small spending choices with their own money.

Ages 8–12: Build Skills

• Divide money into categories like spend, save, and give to teach intentional decision-making.
• Encourage comparison shopping and planning for small goals.
• Include children in family budgeting discussions to show real-life applications.
• Introduce tools like FamZoo¹, which combines prepaid debit cards with a parent-moderated educational app so kids can track spending, set savings goals, and build money skills safely.

Ages 13–18: Prepare for Independence

• Track income from allowances, gifts, or part-time jobs.
• Set short- and long-term savings goals, such as saving for a car or college expenses.
• Your teen can probably handle more independence with their bank account. Try an account like StartSmart from Lake City Bank,² which is designed to be your child’s first bank account. StartSmart includes access to Lake City Bank Digital, a debit card with sensible daily limits, no monthly maintenance or NSF fees (until age 24), and access to Goals,³ a digital savings coach.
• Participate in family financial decisions and take responsibility for age-appropriate expenses.