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Teaching my elementary schooler about money
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According to experts, how much of your children's allowance should go into savings?


Experts say that 10-25% of your child’s allowance should be put into savings.

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Which of the following IS an opportunity to teach your child about money?


There’s no one right answer. You can use each of these moments to teach your child about money.

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Key Takeaways

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Elementary school is the perfect time to consider giving your children an allowance and to use everyday moments to teach your children money lessons. Find out how you can start them on the right path.

  • Turn everyday experiences into make teachable moments that reward children for making good choices and keep them interested in learning about money
  • Try to be open about answering kids' questions about money because you can help shape their perspective on spending and saving
  • Experts suggest that young children’s weekly allowance should be 50 cents to $1 for every year of their age, but rates can vary by where you live and other factors
  • Break your child’s allowance into three parts: one for spending, one for savings, and one for charity
  • Dole out the allowance in denominations small enough so children can divide their money between the three parts
  • Keep an eye on the current allowance rate, but adjust your child’s allowance based on what you think is appropriate for their maturity or spending needs