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How can I help my preteen develop good financial habits and responsibilities?

Hi everyone,

I have a preteen child who is starting to become interested in money and wants to start receiving an allowance. I want to use this opportunity to teach my child good financial habits and responsibilities, but I'm not sure where to start. I never learned about finances growing up and I don't want my child to struggle with money management like I did.

What are some tips or resources you can recommend to help me teach my preteen child about budgeting, saving, and spending? How much allowance should I give and how can I make sure my child uses it wisely? Any advice or personal experiences would be greatly appreciated. Thank you!

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Hi there,

I can definitely relate to your situation as I also have a preteen child and have been working on teaching him good financial habits. One thing that has been helpful for us is setting up a chore chart and tying allowance to completing certain tasks. This not only teaches responsibility but also helps my child understand the value of money and earning it.

In terms of how much allowance to give, I started with a smaller amount and gradually increased it over time as my child demonstrated responsible money management skills. I also encourage my child to split their allowance into different categories such as saving, spending, and donating.

Resources that have been helpful for us include books like "The Everything Kids' Money Book" and websites like www.themint.org which offers interactive games and quizzes to teach kids about money management in a fun way.

Overall, it's important to start early and be consistent with teaching good financial habits. Don't be afraid to make mistakes and learn alongside your child. Good luck!


Hi everyone,

My experience is somewhat different but I definitely agree with the advice given above. One thing I found helpful for my preteen was involving him in our household budgeting process. I let him see how much money was coming in each month, our expenses and how we prioritised our spending. This way, he learned about the importance of saving for unexpected expenses and how to make sound financial decisions.

I also encourage my child to be entrepreneurial by suggesting simple ways he could make extra money on his own, such as selling homemade items or providing a useful service to our neighbours. This has helped him learn the value of hard work and has also boosted his confidence.

In terms of allowance, I started with a set amount but allowed my child to earn extra money by completing extra tasks or doing additional chores. This incentivised him to take initiative and gave him a sense of pride in earning his own money.

Overall, I would say it's important to tailor your approach to what works best for your child and your family. The important thing is to start early and be involved in your child's financial education process.


Hi there,

As a parent of three preteen children, I've found that teaching them about finance has to start with modeling good financial habits. Children tend to learn more from what you do than from what you say. This means showing them how you manage your money, how you budget, how you save, and how you make wise spending decisions.

Another thing that has worked for us is setting financial goals as a family. We sit down and talk about long-term goals, like saving for a vacation or a home improvement project. Then, we work together to come up with a plan to achieve those goals, including individual responsibilities for each family member.

In terms of allowance, we set a base allowance and offered additional pay for certain tasks or good grades. We also require them to save a certain percentage of their income in a savings account, so that they can see their money grow over time.

Resources that have been helpful for us include websites like "The Simple Dollar" and "Wisebread", which provide practical tips and advice on money management.

Overall, the key to teaching children good financial habits is to start early, be consistent, and model good financial behaviours. Involve your children in financial decision-making and make it relevant to their interests. This will help them be more engaged and invested in the process, and set them up for success in the future.



One approach that I found helpful is to help my preteen child set a financial goal and create a plan to achieve it. For example, if my child wanted to save money to buy a new bike or game, we would discuss how much money he needed to save, and come up with a savings plan. This provided a sense of ownership and accountability for my child and helped him develop self-discipline and patience.

Another thing we did was to make use of digital tools that are available. For instance, we created a simple excel sheet to track his expenses and savings, and we also made use of online tools like piggy banks and apps for kids. The technology available today can make things easier and engaging for both parents and kids.

In terms of allowance, I based it on my child's age and what I felt was reasonable, but I also made sure he earned it by completing chores or doing well in school. We discussed and outlined clear expectations and responsibilities from he has to earn his allowance.

Online resources that have been helpful for us include the website, "MoneyAsYouGrow.org" and the book "The Opposite of Spoiled" by Ron Lieber.

In conclusion, patience, consistency, and constant communication are key in developing good financial habits for your preteen child. It might take time, but the effort is worth it in the long run.


Hello there,

I have found that it is helpful to make money lessons practical and relevant to my preteen child's interests. For instance, my child enjoys video games, so I used that as a starting point to teach him about budgeting. I suggested creating a budget for buying new games or in-game purchases so that he could learn to manage his money wisely.

Another thing that has worked for us is involving my child in grocery shopping and meal planning. I gave him a set budget and let him make choices about what items to buy for our meals so that he could learn about price comparison and prioritisation.

In terms of allowance, I gave my child the freedom to decide how to allocate his money, as long as he was responsible and followed certain guidelines. For example, I required that a certain percentage of his allowance went into savings and that he kept track of his expenses in a notebook or budgeting app.

Resources that worked for us include the game "Money Island" by Visa and the book "Raising Financially Fit Kids" by Joline Godfrey.

Overall, I agree with the previous posters that it's important to make learning about money fun and relevant to your child's interests. With patience and consistency, you can teach your preteen child good financial habits that will last a lifetime.


Hello everyone,

I found that it is helpful to introduce different financial concepts to my preteen child in a way that he can relate to. For example, I talked about how saving money can be similar to leveling up in his favourite video games - it takes time, effort, and patience but the end result is rewarding.

One strategy that has worked for us is introducing charitable giving, as we believe it can help foster compassion and generosity within my child. We discussed different causes he might be interested in and set aside a small amount of his allowance to give to those organizations. Giving provides him with a sense of purpose and allows him to see the positive impact of money when used wisely.

I also encourage my child to take part in community values, like volunteering or working on community service project. This helps him learn what it means to be responsible and understand that his actions can have an impact on the community around him.

In terms of apps, I found helpful to download a budgeting app that my child can use on his phone. It helps him track his expenses, which serves as a great tool to show him how much he spends and save.

Overall, the important thing is to make learning about finances fun and relevant to your child's interests, while still teaching them valuable money management skills. Consistency and patience are key in fostering positive financial habits that will benefit your child in the long run.



One thing I have found helpful when teaching my preteen child about finances is to help him understand the difference between needs and wants. It is important for children to understand that it is important to prioritize their spending and focus on what is most important.

Another strategy that has worked for us is to teach him about the concept of delayed gratification. We discuss the importance of waiting and saving for bigger purchases rather than impulsively buying something new right away. We encourage our child to set savings goals and celebrate milestones, such as when he is able to purchase something he has been saving for.

In terms of allowance, we started with a small amount and worked on teaching him about saving and budgeting. We wanted to make sure that he understood that the money he receives for completing certain tasks or chores was earned, and should be used responsibly.

Resources that have been helpful for us include games like "Cashflow for Kids" and the website "Dave Ramsey's Junior Ramsey". These websites have useful tools to help teach kids how to set up a budget, plan for long-term goals, and manage money effectively.

In conclusion, by teaching our children the value of money, the concepts of saving and delayed gratification, and developing responsible spending habits, we are setting them up for life-long financial success.


Hi everyone,

In my personal experience, I've found that it's important to teach children about money management as early as possible. When my child was younger, we used a piggy bank to teach the concept of saving. Over time, we gradually introduced more complex financial concepts such as budgeting, investing, and interest rates.

Another thing that worked for us was having regular conversations about money management. We discuss our household expenses, bills, and savings goals, allowing our child to see how money is used practically in everyday life. This not only helps her understand basic financial concepts, but it also gives her a deeper understanding of family life and responsibilities.

In terms of allowance, we used a tiered system that increases with age and responsibility. For example, our child receives a base allowance for completing household tasks, but can earn extra if she takes on additional responsibilities such as animal care.

We also make use of digital tools, like online banking and savings apps, to facilitate our child's learning about financial management. We encourage her to track her spending and savings on smartphone apps.

Overall, teaching our children about financial management takes time and patience, but will pay off in the long run. With consistent and patient lessons, we can help our preteen children develop important financial habits that will help them succeed in the future.

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