Setting Meaningful Money Resolutions with Your Kids

Why money conversations matter at every age

Before you decide on a money resolution, consider why having a focused money discussion is important. No matter their age, kids are absorbing money messages. An open, calm conversation can provide them with important context, which is foundational for healthier habits and less stress later.

Early money exposure shapes habits

Research commissioned by the UK’s Money Advice Service found that by age 7, many core money behaviors are already forming (Whitebread & Bingham, 2013). You don’t need big lessons to get started; teaching basic concepts and small routines matters most. For example, taking your child shopping can help them understand the concept of money and exchange, as well as how to distinguish between needs and wants. Generally, teaching kids about money works best when it’s consistent and low pressure.

Kids learn by watching at home

If you aren’t aware, your kids notice how you spend, save, and react when money is tight. Indeed, across Organization for Economic Cooperation and Development (OECD) countries, 94% of students reported that their parents were their most common source of financial information (OECD, 2020). In that same data, students who relied on parents scored 27 points higher in financial literacy, on average (OECD, 2020). So, your everyday choices, like comparing prices, can reinforce money resolutions for kids.

Routine money talk lowers future anxiety

Avoiding money talk can make the topic feel scary or off-limits. The FDIC notes, “Teaching kids about money early on will help them to become more financially independent as they get older” (FDIC, 2020). Yes, money conversations can be difficult, but you can be transparent without sharing adult worries. Be open and focus on choices, not fear. When kids understand the “why,” they’re more likely to learn financial lessons that will support healthy financial habits in the future.

What “money resolutions” mean for children

After you have established a normal dialogue regarding money, the next step is to select the appropriate goal for your child. For kids, money resolutions should feel like practice rather than punishment. A good goal is clear, small, and easy to repeat.

Resolutions are habits, not strict rules

Your child's money resolutions should involve specific actions: saving a certain amount each week, tracking expenses, or determining whether something is needed before purchasing it. First, they allow your kid to see the progress they are making immediately. Second, they allow them to develop self-control. Simple money resolutions for kids should not create undue pressure.

Kid goals vs. Adult financial goals

Adults often aim for long-term financial targets, such as retirement or debt payoff. Kids do better with short timelines and meaningful rewards, like a game or an outing.  When establishing money resolutions, make sure they are as specific and repeatable as possible. For instance, "save more money" is not as clear or achievable as "save $20 per month." When the goal fits their world, teaching kids about money becomes straightforward.

Frame resolutions as learning experiences

Even if your child does not meet their goal for a particular week, do not label it as failure. Instead, ask your child what got in the way of meeting the goal and what might help them reach it in the future.

Family discussion prompts

What do you want money to help you do this year?

What feels hardest: saving, spending, or waiting? Why?

If you saved $5 each week, what could you afford in 2 months?

Money resolutions by age group

Kids grow up fast, and money goals should grow with them. In financial literacy for kids, a rule of thumb is: the younger the child, the more visual and short-term the goal should be. As kids get older, you can add planning and tracking and teach how to weigh trade-offs.

Ages 5 to 7: Make money visible

Younger children tend to learn best when they can see and touch evidence of their progress. Use coins, a jar, and a simple wants versus needs chat at the store. At this stage, the goal should be small enough that your child achieves it quickly. That early success makes teaching kids about money feel fun.

Ages 8 to 12: Add goals and choices

School-age kids can handle simple planning and should know how to earn, save, spend, and share. Give your child one clear rule, such as saving a portion of their earnings, which can be a regular allowance or money received during a birthday or holiday. During this phase of your child's life, it is also a good time to link small goals to your family budgeting.

Teens: Practice real-world money management

Teens benefit from practicing independent actions and using real cash in areas such as spending, saving, and giving. Make the goal measurable, for example, track spending for 30 days. And if you want financial literacy for kids to become a life skill, keep oversight supportive, not controlling, so they learn ownership.

Example money resolutions by age group

Turning everyday moments into money lessons

Once you have a goal, the next challenge is practice. An easy way to teach kids about money is to build money lessons into daily activities like shopping, chores, and gift money. These moments keep lessons short and real.

Grocery shopping: Comparison and budgeting

When grocery shopping, choose a single, small aspect of the shopping trip that your child can control, such as selecting between 2 snack items. Ask your child to compare the prices and tell you why they chose one over the other. Additionally, you can use this opportunity to relate the shopping trip to your family budgeting.

Allowance and chores: Save, spend, and plan

Giving your child an allowance is most successful when it includes some degree of choice and a simple format. Consider splitting the allowance into amounts that leave room for fun while allowing your child to develop a savings component. Try to maintain the same rules for a month and use budgeting apps, spreadsheets, or notebooks to track your child's progress, then review it together.

Holiday or birthday money: Planning and patience

Money resolutions for kids should focus on choice rather than restriction. Gift money is a great moment to practice delayed gratification. Agree on a short pause, for example, 24 hours, before spending. Then talk about 3 options: save it, spend it, or split it.

Using accounts to build real-world skills

As your child grows up, they will require tools that reflect the world around them in a more tangible manner than a coin-filled jar. Accounts facilitate hands-on money learning. The key to effectively using accounts is to begin small and maintain clarity in expectations.

How youth accounts support hands-on learning

Youth accounts help because balances are visible and easy to track. To explore what to look for, start with this kids checking account guide. Then, if your child has grasped the main financial concepts, it's time for actual practice with a bank account to begin establishing a relationship. This will also help later for approval for other products and services.

Parental oversight and clear controls

Your child will learn best when there are clear, consistent boundaries that they can rely on. Together, set clear expectations with your child about what the account is for, which purchases are acceptable, and when you will review the account. Clear guidelines will foster a sense of accountability in your child without making them feel overly monitored.

Example: Saving toward a clear goal

Say your child wants a $60 item and agrees to save $5 a week. That’s 12 weeks, a period long enough to practice patience but short enough to stay motivated. Depositing $5 weekly into their kids savings account helps them watch progress and stay motivated.

Keeping kids engaged throughout the year

If you want money resolutions for kids to stay alive, plan for a simple rhythm that can last. A monthly review works well because it’s frequent enough to adjust, but not exhausting. Also, your tone matters: emphasize curiosity and encouragement, but limit criticism.

Monthly check-ins and adjustments

Choose one day each month to review the tracker and the account balance. Ask what worked, what didn’t, and what to change for the next month. Periodic reviews add flexibility as interests shift.

Celebrate milestones to reinforce habits

To keep teaching kids about money in a supportive way, celebrate the behavior, not just the purchase. A simple reward like picking dinner or choosing the next family activity can be enough. Most importantly, praise the skill: planning, waiting, tracking, or sticking with a split. Those skills build stronger financial habits for kids over time.

Create a positive money culture

Cultivating money skills requires a positive approach to financial topics at home. Lead by example and illustrate or explain earning, budgeting, and saving. You don’t have to do everything alone; trusted resources can reinforce what you teach at home. For example, your credit union offers educational resources and coaching to encourage financial literacy.

FAQs

At what age should kids start learning about money?

Money habits begin forming as early as age 5. Start with tiny ideas like counting coins, waiting, and choosing between 2 options. Then, as kids approach their teens, introduce more complex concepts like budgeting. Keep the tone calm and brief and repeat the same simple routines often.

How do I teach money concepts without overwhelming my child?

Keep lessons short and tied to real-life activities, such as shopping, chores, or saving for a small goal. Use 1 rule at a time, like saving first, and revisit it monthly.

Should kids have savings or checking accounts?

It depends on age and readiness. A savings account can make goals visible, while a supervised checking option can support everyday practice. Start small, set clear expectations, and review together. Use accounts to reinforce habits, not to replace guidance.

How can families make money lessons fun?

Make progress visual: stickers, jars, simple charts, and short challenges. Let kids pick the goal and the reward so it feels personal. Use games or role play to practice choices.

How do credit unions support youth financial education?

Many credit unions offer youth accounts that enable hands-on practice in saving. Plus, educational resources to help youth make better decisions for themselves and their families. Local workshops, classroom partnerships, and kid-friendly tools can all reinforce what you practice at home.

Citations

Whitebread, D., & Bingham, S. (2013). Habit formation and learning in young children. Money Advice Service. https://kidwealth.com/wp-content/uploads/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf

Organisation for Economic Co-operation and Development. (2020). PISA 2018 results (Volume IV): Are students smart about money? https://www.oecd.org/content/dam/oecd/en/publications/reports/2020/05/pisa-2018-results-volume-iv_de8bf20b/48ebd1ba-en.pdf

Federal Deposit Insurance Corporation. (2020). Teaching children about money now, pays dividends later. https://www.fdic.gov/consumer-resource-center/2020-09/teaching-children-about-money-now-pays-dividends-later