Think back for a moment: When did you first learn about money?
For many of us, it wasn’t until adulthood. We stumbled, made mistakes, maybe learnt the hard way through debt, missed opportunities, or poor savings habits.
Now imagine if you had known earlier.
Imagine if, at 7 years old, someone had taught you the power of saving, how to tell the difference between a “need” and a “want,” or how to make your money grow instead of just spending it—I’m sure your financial journey would probably look very different today.
That’s the gift you can give your child right now.
Children form money habits much earlier than most people realise by age 7; they start developing lasting patterns around spending and saving. The earlier they learn, the stronger their foundation.
Here are seven small but powerful ways to start at home:
1. Give Meaning to Money:
Instead of handing over allowance or pocket money, help them divide it into Save, Spend, and Share. This teaches balance, not just instant spending.
2. Talk Openly About Money:
Many of us grew up with money as a “silent topic.” Change that at home. Explain in simple terms why you’re saving, paying bills, or making certain choices. Children learn more from what they hear consistently than from one big lecture.
3. Encourage Goal-based Saving:
Guide them to set a goal like buying a toy, book, or game. Provide a jar or piggy bank so they can track progress. Achieving it will teach patience and delayed gratification.
4. Teach Needs vs. Wants:
When they ask for something, use it as a chance to explain the difference. A snack may be a want; school shoes are a need. Over time, they’ll learn to prioritise.
5. Let Them Earn, Not Just Receive:
Connect chores or small tasks with rewards. Even if it’s a modest amount, they’ll learn that money comes from effort, not magic.
6. Teach Them to Share:
Encourage giving a small portion to help others—a sibling, a friend, or charity. It builds empathy and shows that money isn’t just for spending on self.
7. Celebrate Smart Choices:
When they save instead of splurging, or make a thoughtful decision, praise them. Positive reinforcement makes money lessons stick.
The truth is: the best inheritance isn’t money itself, it’s money wisdom.
This August, MoneyAfrica Kids is running a Financial Summer Class for children aged 7–17.
It’s fun, practical, and designed to help children understand saving, spending, and even the basics of investing skills that can set them up for life.
Sign up here: https://www.moneyafricakids.com/
Give your child the knowledge you wish you had earlier. Their future self will thank you.