7 Personal Finance Tools Every Kid Should Have


While there is a lot of technology out there that can help kids learn about money, there are several tools every kid should have that are more low tech. Parents that want to raise financially-wise kids should be teaching age-appropriate money lessons to ensure their kids are prepared for financial responsibilities as an adult as most schools do not teach even the most basic of personal finance lessons.

Here are 7 tools every kid can use to learn the most important money lessons:

  • 7 Personal Finance Tools Every Kid Should Have 1 of 8
    personal finance tools kids should have

    Click through for 7 tools every kid can use to learn the most important money lessons...

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  • 10% Chart 2 of 8
    5 Personal Finance Tools Every Kid Should Have

    One resounding issue adults still have where money is concerned is a lack of focus on saving money. Many personal finance experts recommend paying yourself first and kids can learn a valuable money habit by understanding the 10% rule. Make a quick reference chart for kids so that when their $20 birthday money comes in from Grandma, kids will know that $2 of that cash must be put into savings. 

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  • Savings Account 3 of 8
    5 Personal Finance Tools Every Kid Should Have

    Kids can be positively impacted for life by getting excited about going to the bank to make a savings deposit. Of course a lollipop may be the only thing younger children care about when visiting the teller but encouraging kids to keep adding money to their bank account can go a long way to creating a good financial habit for life. 

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  • Bank Book 4 of 8
    5 Personal Finance Tools Every Kid Should Have

    Kids that are old enough to perform the basic math calculations should be in charge of maintaining their own bank book. Teach kids how to fill in the information when they make a deposit. It can be very motivational for them to actually do the math on their own and continually see their deposits grow to larger amounts. 

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  • Shopping List 5 of 8
    5 Personal Finance Tools Every Kid Should Have

    Kids with money in their pockets often have a difficult time deciding what they want and can't resist unnecessary impulse buys. Adults often have the same exact problem so it is important to teach kids about planning ahead to save money. If they have birthday or chore money to spend, encourage them to make a list of items they would like to have. This can go a long way to helping them understand the difference between wants and needs for the future. 

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  • Piggy Bank 6 of 8
    5 Personal Finance Tools Every Kid Should Have

    Putting money into a savings account is an important lesson and a piggy bank is a great way to provides kids with a daily reminder about saving money. Encourage your child to fill up their piggy banks by letting them have loose change from your wallet or from under the sofa cushions. Keep a supply of coin wrappers on hand so a full bank can be emptied, counted, rolled, and deposited. Counting coins is an ideal lesson in both money and math for kids. 

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  • Delayed Gratification 7 of 8
    Delayed Gratification

    Teach your child to put a "pause" between themselves and the purchase. By doing so you will teach them the importance of avoiding impulsive shopping and being caught up in the moment. After they have some time to separate themselves from the item of their desire, and if they still remember the item at all, walk them through the process of deciding if the item is really something they want to spend their allowance on.

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  • Learning to Say “No” 8 of 8
    Learning to Say “No”

    One of the biggest tools a kid can use in adult-hood is the ability to tell themselves "No".  Teach your child how to say "No" to themselves and it will a skill they will be able to use forever. 

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