In the fast-paced world we live in, instilling financial wisdom in our children is more crucial than ever. I want you to imagine your kids growing up not just understanding the concept of money but mastering it with confidence. 

As accountant moms, you have a distinct advantage – a unique perspective that can make a significant impact on your children’s financial education.

Honestly, I don’t think there’s enough taught about financial literacy to children.  I think that’s part of the reason why we have young adults who are saddled with more debt than they can possibly afford.

Teaching kids about money isn’t just about coins and bills; it’s about preparing them for a future where financial decisions play a key role. When children grasp the fundamentals of financial literacy, they gain essential life skills that go beyond the classroom. 

From budgeting to saving, these skills empower them to navigate the complexities of adulthood with confidence.  I remember when my now 31-year-old daughter was in high school; she took a class where the students chose the profession they thought they would want as an adult, and they were given an assignment to figure out the financial logistics of their lives.

They each had 2 kids, were not allowed to have family babysit more than one day a week and were given the salary that their profession averaged in order to create their budget.  By the end of the project, my daughter was using mass transit, cutting her own hair, and eating a lot of macaroni and cheese.

It was truly a wake up call into the “real world” where the refrigerator isn’t magically filled with food and you have to make tough decisions about what’s a necessity and what’s a luxury.

Thankfully, as accountant moms, your professional expertise gives you a special toolkit for teaching financial literacy to your children, but don’t be surprised when they resist your sage advice. While you’re well-versed in managing budgets, balancing accounts, and understanding the language of finance, your children may not want to discuss finances with you. 

Figure out a way to educate them anyway.  By emphasizing the value of hard work, responsible spending, and savings, you’re laying the groundwork for a strong financial foundation. 

Believe me, they’re never too young to become financially savvy, and you get to help them build a foundation that will benefit them well into adulthood.  Your unique perspective as accountant moms equips you to turn everyday moments into valuable financial lessons. 

As you guide your children through the intricacies of money management, you’re not just preparing them for the future – you’re shaping a generation that approaches finances with confidence and competence. 

This week I’m going to discuss nurturing financial wisdom in kids, making money lessons fun, the role of technology in financial education, and addressing challenges.  


Nurturing financial wisdom in kids


The first important aspect of raising financially savvy kids is establishing a positive money mindset early on.  A positive money mindset is like having a trusty best friend, guiding them toward financial success. 

It’s about believing they can make wise choices with money. As parents, you play the role of mentors, helping your kids understand that their thoughts and feelings about money can make a big impact on their financial adventures.

It’s also important to teach your kids to view money as a tool, not a taboo.  Money shouldn’t be villainized or made to be mysterious or scary; it’s a helpful companion in life’s journey. 

By openly discussing money matters and demonstrating responsible money management, you’re showing your kids that money is a friendly and useful tool.

For example, during shopping trips or while making a family budget, involve your kids in decision-making. Explain how money is used to buy things we need, like groceries or clothes, and how planning ahead ensures we have enough for everything.

The next thing to introduce them to is basic financial concepts, depending on their age.  This could start with a discussion about savings and the power of compound interest.  

You could explain that savings is like planting seeds that grow into mighty money trees. It’s not just about putting money aside; it’s also about watching it grow over time. 

The more you save, the more your money earns, creating a snowball effect of growth.

In order to put this into action, start a savings project with your kids. Set a goal, like saving for a special toy or a family outing. 

Help them understand that by consistently saving a little each week, their money will grow faster, thanks to compound interest.

Another important topic is budgeting basics for kids.  Teach them that budgeting is like creating a treasure map for your money. 

It’s a plan that helps you decide where your money should go, ensuring it doesn’t vanish mysteriously. Teach your kids to divide their money into categories like spending, saving, and sharing.

For example, provide your child with a small allowance and help them create a budget. Allocate portions for toys, saving for bigger items, and perhaps a portion for charitable giving. 

This hands-on experience helps them understand the importance of making choices with their money.

Thankfully, by instilling these concepts and examples, you’re not just teaching financial skills; you’re fostering a mindset and habits that will empower your children throughout their financial journey. 


Making money lessons fun 


Although dealing with other people’s money day in and day out as accountants may not be the most fun thing we can do, it’s important to make money lessons fun for our kids.  Our brains retain information that is fun, pleasurable, and rewarding so keep that in mind as you consider raising financially savvy kids.

The first suggestion is to incorporate financial lessons into everyday activities.

Something like grocery shopping isn’t just about filling the cart; it’s a golden opportunity to teach your kids valuable money lessons. Make it an adventure by giving them a budget for specific items. 

Show them how to compare prices and choose wisely. This not only makes them savvy shoppers but also helps them understand the concept of spending within limits.

For example, let your child choose a snack within a set budget. Compare two snack options, discussing factors like price, quantity, and quality. This hands-on experience transforms a routine task into a fun money lesson.

Another suggestion is using household budgeting as a teaching tool.  Managing the household budget can seem like a grown-up task, but involving your kids turns it into a family affair. 

Break down the budget into categories like groceries, bills, and entertainment. Discuss the importance of balancing needs and wants, and demonstrate how thoughtful spending contributes to a well-managed household.

For example, create a simplified family budget chart with your kids. Assign a portion of the budget to different categories and discuss together how each category contributes to the family’s well-being.

The third suggestion is teaching the value of hard work and earning.  This could entail assigning chores and an allowance.

Chores aren’t just about cleanliness; they’re a gateway to understanding the connection between hard work and earning. Strike a balance by assigning age-appropriate chores and linking them to a reasonable allowance. This not only instills a sense of responsibility but also teaches that effort is rewarded.

For example, assign tasks like setting the table or watering plants and tie them to a weekly allowance. Discuss how completing these tasks contributes to the smooth running of the household and the reward they earn.

The last suggestion is to encourage entrepreneurial spirit in kids.  Spark the entrepreneurial flame in your kids by encouraging them to explore creative ways to earn money. 

Whether it’s a lemonade stand, handmade crafts, or offering help to neighbors, these not only teach the basics of business but also instill a sense of initiative.

For example, support your child in planning a small business project. Whether it’s selling homemade cookies or providing a service like pet sitting, guide them through the process of setting prices, managing costs, and understanding profit.

As you can see, by weaving these practical tips into your daily routine, you’re not just teaching financial skills but making the learning experience enjoyable and memorable for your children. It’s about turning everyday moments into opportunities for financial growth and understanding.


The role of technology in financial education


Technology can be a fantastic tool for teaching your kids about money. There are cool apps and games designed just for them, making learning about finances fun and interactive.

Some examples of age-appropriate apps are:

PiggyBot: An app that helps kids track their allowances, set savings goals, and understand the joy of watching their money grow.

iAllowance: Perfect for teaching budgeting, iAllowance allows parents to set up regular allowances and assign chores with corresponding rewards.

There’s also ways to turn learning into play:

“Money Bingo”: Make learning about coins and bills exciting by turning it into a bingo game. Kids can match pictures of money to what’s on their bingo card, combining fun with financial education.

As the digital landscape becomes a bigger part of our lives, it’s essential to teach kids about responsible online financial behavior. It’s not just about playing games; it’s about making smart choices in the digital world.

That’s why it’s important to set online boundaries.  Discuss the importance of not sharing personal information online, including financial details.

Teach them to recognize secure websites when making online purchases or transactions.  Show them how to use online resources for financial research and education.

Introduce educational YouTube channels or websites that explain financial concepts in a kid-friendly way.

For example, let’s say your child wants to buy a new video game online. Take this opportunity to guide them through the process, explaining the importance of secure websites, checking reviews, and understanding the cost involved. 

This not only helps them make informed choices but also lays the foundation for responsible online financial behavior.

By integrating technology into financial education, you’re not just keeping up with the times; you’re leveraging tools that speak your child’s language. It’s about combining the excitement of digital exploration with essential lessons that will serve them well in the ever-evolving world of finance.


Addressing challenges


The last thing I want to cover in raising financially savvy kids is addressing challenges.

First, let’s talk about navigating peer pressure and consumer culture.  Let’s say your child comes home excited about the latest gadget or trendy item because their friends have it. 

Navigating through peer pressure and consumer culture can be tricky, but it’s a vital skill for your child’s financial journey.  In order to handle these challenges you need to teach smart decision-making skills.

Encourage your child to think independently about their purchases.  Discuss the difference between needs and wants. Ask questions like, “Is this something you really need, or is it something you want because others have it?”

When my son was younger I taught him the term “delayed gratification.”  We were once in a store and he wanted something badly.  Before I could say anything he yelled, “Don’t say it.  Don’t say delayed gratification!”

A mother walked by me and whispered, “Good job mom.”  To this day we have conversations about delayed gratification and he’s a grown man.

The best thing you can teach your kids is to set a budget for their wants.  Teach them to allocate a small portion of their allowance for discretionary spending.

Help them understand the concept of saving up for special purchases rather than giving in to impulse buys.

When dealing with peer pressure, it can be challenging when your child wants something because their friends have it.  Instead of saying a flat “no,” guide them in making a decision. 

Discuss the cost, how much they currently have in their budget, and whether waiting a bit to save up might be a good idea. This not only teaches financial prudence but also empowers them to resist peer pressure.

And one of the best lessons you can teach is dealing with financial mistakes as learning opportunities.  

We all make mistakes, and the same goes for money. 

But here’s the secret – mistakes are powerful teachers. Turning financial slip-ups into learning opportunities is a crucial part of your child’s financial education.

Emphasize that everyone makes money mistakes, and it’s okay.  Don’t be afraid to discuss your own experiences and how you learned from them.

By creating a safe space to discuss money mistakes you’re encouraging open communication about financial decisions.  Let them know they can always come to you if they’re unsure or if something goes wrong.

Hopefully you now have a good sense of what you can begin to implement in order to raise financially savvy kids.  By addressing these challenges head-on, you’re not just guiding your child through the money maze; you’re equipping them with the tools to make smart financial decisions in a world full of choices and influences.




While you’re well-versed in managing budgets, balancing accounts, and understanding the language of finance, your children may not want to discuss finances with you. Figure out a way to educate them anyway.  

By emphasizing the value of hard work, responsible spending, and savings, you’re laying the groundwork for a strong financial foundation.