At SaverLife, we love learning from our members’ real-life experiences. We spoke with Gabriella Keys, a SaverLife member and children’s author, whose book, “Mama, I Got a Dollar!” helps kids learn about money in a fun and accessible way. Her story and perspective guided the themes and tips we’re sharing today.
‘Tis the season…for more than just overpriced toys and unnecessary trinkets. Some of the most meaningful gifts we can offer are time spent together and skills that last a lifetime. What better time than now to teach the kids in our lives (and hey, maybe remind ourselves too!) how to balance spending, saving, and sharing?
Money Skills = Love, Security, and Confidence
Teaching kids how to understand money means helping to give the next generation a sound basis for the future—all the more necessary in times of economic uncertainty. This doesn’t mean you have to be perfect with your money or have a degree in finance. It’s okay to learn together and show them how planning fits into everyday life.
As Gabriella put it, “It’s okay to learn things next to or with your child. It’s okay for them to learn from your mistakes too. It’s never too late to start, for yourself or for your kids.”
Even the basics matter. Gabriella emphasizes the importance of simply “getting kids used to the different formats of money.” She states, “[It’s] important to understand paper money, and that paper money can be digitized and used in the form of cards… but it all still has value; it’s not imaginary money.” That simple understanding lays the foundation for smart habits.
Start Small, Grow Big
Beyond the basics, money lessons look different depending on age:
- Little ones can start with a change jar. Watching coins pile up is a great way to visualize saving. Then they get to see that savings turn into a new item or adventure when it’s purchased.
- For a digital twist, try using a kid-friendly savings app or online allowance tracker, like Bankaroo or Greenlight. Many tools let children set goals, watch their balance grow, and even earn digital “badges” for saving. It’s a fun way to connect real-world money lessons with the technology they already use every day.
- Tweens are ready for allowances. Whether or not it’s tied to chores, it gives them the power to choose: spend now or save for something bigger. You can even help them do the math – how many weeks until they can afford that special item?
- Tweens are growing up in a world of apps, cards, and online shopping. Help them understand that digital money still has real value.
- Try using a supervised debit card for kids (like GoHenry or FamZoo) to teach how transactions work and how to check balances.
- Teens might be ready for a part-time job, a debit card, or even a peek into credit (like being an authorized user). This is also the time to talk about interest – how it can help you grow savings or make debt more expensive.
Open up the conversation
As kids start earning and saving, Gabriella recommends opening up conversations about what to do with their money. Spend it? Save it? Donate it? How do those choices feel? Let them experiment.
At this time, they can fail. If they decide to blow it all in the first week, they will know how that feels themselves. It’s important to add that trial and error, and give them autonomy when it comes to money.
Ask them what they enjoy, and reflect together after a purchase. Linking emotions to decisions helps build awareness and control, something we adults are still working on, too!
Mindful Modeling
Kids learn by watching. As parents and caregivers, it is our joy to help model healthy choices and relationships. Often, that includes helping them know how to handle disagreements with friends or a difficult class in school.
In the same way, let them see you make thoughtful money choices: waiting for a sale, comparing prices, skipping a purchase to save for something better. And when you finally buy that long-awaited item? Celebrate! That joy reinforces the value of patience and planning.
Teachable Holiday Moments
The holidays can be a perfect time to invite children into these discussions. Secret Santa with a budget? Let kids do the same. Give them a set amount to shop or craft a gift for someone they love.
Don’t forget the spirit of giving! Consider donating to a toy drive, volunteering, or helping someone in need. Gabriella says, “I encourage kids to find that balance of how much they want to spend versus give because it all makes you feel good in a different way.”
Reflect and next steps
As the year wraps up, it’s also a great time to reflect. What did you learn? What was tough? What goals did you work toward? Consider making a chart or tracker to help your child visualize their progress and celebrate their wins.
Regardless of your child’s age and your own comfort level with money, there are resources to come alongside you in these discussions and help kids learn about money:
- Consumer Finance Protection Bureau (including games!): Money as you grow FDIC: Money smart for young people
- Meet Michelle: A Nurse Using SaverLife to Teach Her Kids About the Importance of Savings
- Check out Gabriella’s book, “Mama, I Got a Dollar!” .
May this inspire you to start conversations and memories this year that will last far beyond the holiday season!
