How to help kids have a healthy relationship with money

Children who learn good money habits have more fulfilling relationships and are more financially secure as adults, according to Brigham Young University.

Why it matters

Start with your own actions. Children often mimic the financial behaviors they see at home.

Model good practices

What does money mean to you? Talk with your child about your approach to spending, saving and giving. Seek their opinions.

Explore your values

Say you’re saving for a family vacation.

Discuss why it’s important to spend time

together and how savings decisions reflect those values. Plan the trip together.

Use real-life examples

Maybe your family saves by skipping

weekly movie nights. Use this to show

opportunity cost: What you give up when

you prioritize spending on something else.

Discuss ways to save

Your child may feel pressure to spend like their friends do. Help them make their own choices by:

 • Reinforcing your values

 • Explaining people have different priorities

 • Fostering financial literacy

Talk about peer pressure

Consumer Financial Protection Bureau.

Books are good discussion

starters. Here’s a list with

parent guides from the 

Many games involve getting

and spending resources. Ask

your child about the pros and

cons of their decisions.

Build skills by playing

and reading

Weave money discussions into daily life. Think out loud so your child understands why you’re delaying a purchase or picking one product over another.

Keep talking

This material is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for one’s reliance on the material provided. This material is not updated regularly and may not be current. Consult a financial professional when making financial decisions. ©2024 Bank of America Corporation.

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How to talk to kids about spending thoughtfully

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How to talk to kids about money

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