As we celebrate Mother’s Day, we honor all the moms, caregivers, and nurturing figures who help shape not only our character—but our confidence, resilience, and life skills.
One powerful lesson? How to manage money wisely.
Whether you’re a parent, guardian, or mentor, teaching children financial basics early on can set them up for lifelong success. J.P. Morgan Wealth Management shares age-based strategies that anyone in a caregiving role can use to guide kids toward smart saving habits.
Ages 6–8: Start with the Three Jars
Replace the traditional piggy bank with three clear jars labeled: Saving, Spending, and Sharing.
Each week, encourage your child to divide their allowance among the jars—and talk through their decisions. It’s a simple, visual way to teach budgeting, goal-setting, and generosity.
Tip: If your child asks for guidance, use your family values as a compass. A common starting point:
- Saving – 25%
- Spending – 50%
- Sharing (including gifts for family, friends, or causes) – 25%
Ages 9–11: Graduate to a Bank Account
As children grow, so should their financial tools. Around age 9, help them open a savings account to get comfortable with real-world banking.
This phase introduces:
- Budgeting based on needs and wants
- Setting and tracking savings goals
- The concept of “pay yourself first”—putting a portion of each allowance or gift into savings before spending
By modeling smart money practices and making space for open conversations, moms and caregivers alike empower the next generation to make confident, informed choices about their future.
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