April is all about spring blossoms, taxes, and, of course, Youth Savings Month! Why is there a whole month devoted to kids saving money? Because when we teach kids about money—whether it’s saving for a toy or funding their future education—we set them up for future financial success. But it’s not just about understanding the value of a dollar, it’s about building good financial habits. To get you started, we’ve got some age-based practice tips for kids of all ages to learn how to save, spend, and earn wisely.
Saving
Ages 2 to 5
At this age, kids are just beginning to understand the concept of money but may not fully grasp its value or purpose. This is a great time to give your young savers their first piggy bank. Encourage them to save a portion of any money they receive, even if just a few coins. And, if your preschooler does not have a savings account, consider opening one.
Extra Credit: Make a game out of counting coins. Not only does this help improve their counting skills, but it can also help them differentiate between the coins and learn their value.
Ages 6 to 10
Children in this age group understand money’s importance and can grasp some basic financial concepts. So, for Youth Savings Month, encourage them to save for specific goals. Let them choose goals they are excited about, such as a new toy or a family outing. Introduce the concept of earning interest by adding a small amount to their savings for every dollar saved over time.
Extra Credit: Start a family savings project for something big—like a trip to Disneyland or a new video game console. Get a large jar and label it with your goal so you can watch your savings grow. Encourage everyone in the family to add a little money to the jar whenever possible. Did you find some loose change in your pockets? Add it to the jar. Got $10 in a birthday card? Add $1 to the jar. Set an end date (like the start of the summer or school year). Agree as a family to commit a portion of your monthly income (and allowances) to the fund.
Ages 11 to 15
Introduce the idea of long-term saving. Encourage your young savers to set aside their dollars for big purchases that excite them—like a bike, a video game, or an outing with friends. Discuss the costs of future goals like a car, a first apartment, or college. This is also the perfect age to sign your kids up for the Greenlight debit card1 and financial education app. The app allows parents to instantly send their kids money, set up allowances for chores, create savings goals, and more. Once they are set up, your kids can move money from other parent-approved Spend Controls into their General Savings or specific savings goals at any time.
Extra Credit: A Certificate of Deposit (CD) is another great tool to teach kids about annual percentage yield (APY) and how interest builds over time. Explain how CDs can be used as a long-term savings strategy—mainly because they offer a higher interest rate and require financial discipline. They will learn that by not touching their money, they can earn more over time.
Ages 16+
At this stage, teens are preparing for financial independence, so it’s the perfect time to emphasize the importance of saving for emergencies and unexpected expenses. Encourage them to set aside money—not just for short-term wants but also for long-term goals.
This is also a great time to introduce the concept of “paying your future-self first“—by making savings a priority before spending on other things. With the Greenlight debit card and app, teens can take more control of their money while still having parental guidance. Greenlight allows them to:
- Automate Savings: Set up a portion of their allowance, job earnings, or gifts to go directly into savings.
- Create Custom Savings Goals: Whether it’s a down payment on a car, a travel fund, or college savings, they can track progress and stay motivated.
- Earn Interest with Parent-Paid Boosts: Parents can even offer an extra incentive by paying interest on their child’s savings in Greenlight (like a DIY high-yield savings account). With Parent-Paid Interest, you have the opportunity to set and pay an interest rate of your choice from 1-100% from your Parent’s Wallet.
Extra Credit: If your teenager has a job or side hustle, help them create a savings plan that dedicates 10 percent of their earnings to their Greenlight savings goal. Encourage them to save a little bit each month. Talk about how their savings will grow if they don’t touch it—much like it would with a 401(k). Then, if you can, play the role of a future employer and match a portion of what they save.
Spending
Ages 2 to 5
When kids are small, keep spending simple and concrete. Allow them to use coins to buy small treats or toys. Teach them to wait and save for something they want rather than buying impulsively.
Extra Credit: Give your preschooler a budget to purchase supplies for a craft or cooking project. Ask: Can we make your favorite cookies for less than $10? Make a list of ingredients and work together to come in under budget.
Ages 6 to 10
School-age children are the perfect age to learn the difference between wants and needs. Consider offering grade schoolers an allowance so they feel empowered to make choices about spending. To encourage savvy spending, stay firm on the amount you give them each week. If they run out of money before their next allowance day, they’ll learn an important lesson about budgeting.
Extra Credit: Involve your grade-schoolers in budgeting decisions for family activities or purchases. Let them help plan a weekly menu or budget for groceries. Build a monthly entertainment budget as a family. By working together, you can give them first-hand experience that translates into lifelong money management skills.
Ages 11 to 15
In their pre-teens and early teens, most young savers can handle a small measure of financial independence. So, it’s a good time to introduce more complex saving goals—like a college or car fund—and discuss how today’s spending affects those long-term goals. It’s also a great time for them to learn about making responsible cashless purchases. Explain how a debit card works and allow them to build savvy spending skills with a Greenlight debit card. The parental controls of the program allow you to:
- Add up to 5 kids, each with their own debit card.
- Send money to your child’s card instantly.
- Set parental controls on spending categories.
- Turn a child’s card on/off with one tap.
- Receive real-time notifications when a child makes a purchase.
Extra Credit: Challenge your pre-teen or early teenager to comparison shop for things they want—like clothes, games, and snacks. Show your child how prices vary by size, features, quality, and retailer. Allow them to form judgments about features vs. cost—and don’t forget the value of thrifting. Over time, your young consumers will learn how the money saved from comparison shopping adds up. You can further incentivize the process by matching whatever they save for a week, a month, or even a year.
Ages 16+
By 16, teens are likely handling more of their own expenses, whether it’s gas, food, or entertainment. This is the perfect time to teach responsible debit and credit card use, as well as the importance of paying bills on time. Discuss the risks of overspending and debt by emphasizing how small purchases can quickly add up. Encourage your teen to track their spending using a notes app, budget app, or the Greenlight debit card and app. With Greenlight, they can:
- Work Within Spending Limits: Parents can approve specific spending categories (or even specific stores and restaurants) to help teens stay within budget.
- Track Transactions in Real Time: Seeing how quickly money disappears can be the eye-opener that helps them build smart spending habits.
- Get Instant Balance Updates: No more guessing how much they have left—they can check their balance anytime from the Greenlight app.
Extra credit: Before they embark upon adulthood, teens should learn about credit scores, credit reports, and how to use credit responsibly. So, consider opening a Youth Platinum Mastercard to help your teen practice with supervision. If approved, they’ll get a $200 line of credit and begin to build a credit history. Go over the statements together so your teen can track their spending and see how interest accumulates. Discuss how credit utilization and on-time payments can help them maintain a good credit score.
Earning
Ages 2 to 5
While they may not earn money through traditional means, you can reward good behavior with stickers or small treats to instill the idea of earning.
Extra Credit: Hide some coins around the house and send little ones on a scavenger hunt to find them. For very small kids, place the coins in plastic Easter eggs or plastic bags to make them more manageable.
Ages 6 to 10
Teach the connection between work and income by assigning chores with monetary rewards. Kids aged 6 to 10 can dust, do laundry, vacuum, pull weeds, or wash the car (among other things). During Youth Savings Month, offer to pay double for particularly difficult or irregular tasks—like mowing the lawn. Or encourage entrepreneurship by supporting small outside ventures like lemonade stands or selling crafts.
Extra Credit: Grade schoolers discover new things about themselves every day. So, it’s a great age to ask: what are you passionate about? Encourage them to pursue odd jobs (either inside or outside the home) that align with those passions. Do they love baking? Help them build a collection of favorite recipes to sell at bake sales or craft fairs. Do they adore animals? Maybe they can walk the neighbor’s dog or feed grandma’s cat while she is on vacation.
Ages 11 to 15
At this stage, kids are ready to take on more responsibility and start earning money on their own. So, encourage a strong work ethic by setting up chores in the Greenlight app and scheduling payments for when the tasks are completed. Your pre-teens could also earn money from part-time jobs like babysitting, dog walking, or lawn mowing for friends, family, and neighbors. Then, family and friends can send money instantly using a dedicated Greenlight Pay Link (whether it’s a birthday gift, a reward, or payment for an odd job).
Extra Credit: Pre-teen kids and early teenagers are perfectly primed to build themselves a brand. Whether they are pet sitting, selling handmade goods, or doing odd jobs around the neighborhood, encourage your child to create a business and marketing plan. Ask: What will you make or do? What is your business name? What does your logo look like? Do you have a catchphrase? Once their plan is in place, help them design and distribute flyers (both online and in-person).
Ages 16+
Teenagers have a lot of options when it comes to earning money, including traditional jobs like retail, food service, or tutoring. Or, for a jumpstart on their future, they can seek internships or part-time jobs related to their career interests. For a next-level job force experience, encourage them to explore side hustles and after-school jobs that align with their talents. Are they excellent at math? Maybe they can tutor other kids. Killer tennis player? Look for coaching gigs. Once they start getting paid, they can use their Greenlight debit card and app to track their income and even set up direct deposit.
Extra Credit: Kids ages 16 to 18 aren’t old enough for their own brokerage account, but they can dabble in early investing through custodial accounts (with the help of a parent, guardian, or trusted adult). Research investment terminology and concepts together. Discuss the risks of investing and the importance of diversification. To keep them engaged, invest in something that interests your child. Or, if you don’t wish to invest real money, try a stock market simulator game like How the Market Works, the Investopedia Stock Market Game, or Build Your Stax.
Teaching kids about money management isn’t just a Youth Savings Month thing. It’s a lifelong process that starts at a young age. With practice, children can develop the skills they need to build a nest egg, navigate future debt, and budget for major milestones. The good news is—whether you’re 2 or 52—smart money habits can be learned. The key is to make the process simple, fun, and consistent. And, you don’t have to be a financial expert to teach your kids savvy skills. Just keep the conversation going. When you don’t have answers to their questions, research the answers together.
As a reminder, all families who sign up for Greenlight in April will be automatically entered into a drawing for a chance at $100! We’ll choose five eligible youth members at random to receive $100 each! The money will be deposited in their Maps Youth Savings account. The contest ends on April 30, 2025, and winners will be notified by May 15, 2025. (See details here.)
1 The Greenlight® prepaid card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International.
Want more tips on teaching kids money management skills?
- Discover the history of money and share it with your kids.
- Check out our list of games that teach money management skills.
- Learn how to kickstart your baby’s financial future with a savings account.