How do I teach my 6 year old about money?
By Calm Money Kids · 5 min read
A lot of parents find that 6 is the age when their child has strong opinions about what to buy and who deserves a present. You can teach a 6 year old about money by giving them two real choices, which are what to buy with their Spend jar and who to help with their Give jar. Making those choices on their own is how a 6 year old learns that money is limited and that it can do good.
What can a 6 year old understand about money?
Most 6 year olds can pick between two things and explain why. They can do simple adding with small amounts, and they are starting to notice what other people need.
They still learn best with money they can see and touch. They also still need short waits, so a goal should take weeks and not months.
This matters because a 6 year old is ready for more say than a 4 year old. In Calm Money Kids, 6 is the last year of the Early Explorer stage, and the app's activities for this stage help you hand over small choices.
What is new about teaching money at age 6 compared to age 5?
At 5, the big lesson was counting and seeing money run out. At 6, the big lesson is choosing.
The suggested allowance goes up to $6 a week. The Spend jar gets $3, and the Grow, Dream and Give jars each get $1.
The Spend jar grows the most this year, so your child has more to choose with every week.
When your child turns 7, you can read how to teach a 7 year old about money.
Why should you let your 6 year old make money choices now?
When a parent makes every choice, a child never gets to practice. They can reach 10 or 12 without ever having picked one thing over another with their own money.
Choosing is a skill, and it grows with use. It is much kinder to practice it with $1 than with a first paycheck.
How do the four money jars work for a 6 year old?
On Family Money Day, your child splits $6 into four jars. Each jar gives your child a different kind of choice to make.
The app keeps track of each jar, so you both know what is there before a choice comes up.
The Grow jar gets $1 for grown-up life
The Grow jar stays closed until your child is 18. At 6, you can make it feel real by talking about the future.
You can ask, "What do you want to do when you are all grown up?"
Let your child draw the answer and keep the picture near the jar.
The Dream jar gets $1 for a goal your child picks
With $1 a week, your child can save for something that costs about $2 to $4 in two to four weeks. The goal is theirs to pick, even if you think it is silly.
When they reach it, let your child be the one to pick it out and pay for it at the store.
The Spend jar gets $3 for the things they choose
The Spend jar is where your child practices picking the one thing they want most.
You might say, "Your Spend jar has $3 in it this week, and when it is gone, it is gone until next week. So let's pick the one thing you want the most."
The Give jar gets $1, and your child picks who it helps
The Give jar is filled every week and given once a month. At 6, your child is ready to be the one who decides where it goes.
How do you teach a 6 year old to give money to others?
Say it is the end of the month and there is $4 in the Give jar. You offer two choices your child can see, like food for the school food drive or coins for the animal shelter box at the pet store.
Let your child pick, and let them carry the money and hand it over.
If they ask why you give money away, you might say, "Some people do not have what they need, and giving helps them. You get to choose who we help."
This matters because a child who chooses the gift feels the giving. In Calm Money Kids, the Give jar has its own activities, so you always have a new idea for the month.
What are three money activities to try with your 6 year old this week?
These three ideas all give your child a small choice to make. You only need a few minutes for each one.
- Ask your child who they would like to help this month, and write down what they say.
- Help your child choose one toy they no longer use and give it to someone who will enjoy it.
- A few days after your child buys something, ask how they feel about what they bought.
Common questions about teaching a 6 year old about money
How much allowance should a 6 year old get?
Calm Money Kids suggests $6 a week for a 6 year old, which is $1 for each year of age. That is $1 for Grow, $1 for Dream, $3 for Spend and $1 for Give.
What if my 6 year old regrets what they bought?
Let them feel it, and do not replace the money. A small regret now is a cheap lesson, and you can talk about what they might pick next time.
Does my 6 year old have to give money away?
In Calm Money Kids, giving is one of the four jobs money has. Your child does not choose whether to give, but they do choose who gets it.
Let your 6 year old start choosing this week
A 6 year old does not need more money to learn more about it. They need a few real choices and a parent who lets the choice stand.
Calm Money Kids keeps track of what is in each jar, so your child always knows what they have to choose with.