Money lessons for life

Picture this: Your 7-year-old child stands in a store, clutching a jar of coins, and proudly counts out exact change for their first big purchase.

It’s a heartwarming moment — and a practical lesson in money management.

From setting up savings jars to opening a bank account, parents have countless opportunities to teach their kids smart money habits that will last a lifetime.

Financial experts, like those at Ramsey Solutions, founded by best-selling author Dave Ramsey, emphasize that it’s never too early or too late to start.

“Preschoolers are old enough to count, and they’ve probably seen you spend money,” reports a recent press release from Ramsey Solutions. “That makes it a perfect time to start teaching them about saving.”

One simple trick? Swap the piggy bank for a clear jar.

Watching the coins pile up gives kids a visual understanding of how money grows over time. Parents can also demonstrate healthy spending and saving habits themselves. After all, little eyes are always watching.

By elementary school, kids are ready for hands-on lessons. From allowances to lemonade stands, it’s a great time to teach about cost.

“If you buy this toy, you won’t have money for that video game,” Ramsey Solutions advises.

Clements Ferry mom Sue Grant agrees and has set up her son with Greenlight, a debit card and money management app designed specifically for kids and teens to help them learn financial literacy and develop healthy money habits.

The card is linked to an app that allows parents to oversee their child’s spending, savings, and earnings while teaching important lessons about budgeting and responsibility.

“We started using Greenlight for our 11-year-old son, and it’s been a game changer,” Grant said. “He has separate buckets for saving, spending, and giving, and he gets a notification every time he spends money. We’re also able to see what he is saving and spending. So far he has saved up for video games he wanted, and we taught him about keeping a rainy day fund!”

Meanwhile, Katie Holifield, a resident of The Peninsula neighborhood, has turned a simple lemonade stand into a powerful lesson in financial responsibility and community-giving for her kids.

For the past seven years, her family has hosted lemonade stands to support MUSC's pediatric oncology floor, where her son received treatment in 2017.

“We donate all the money, and my kids love it!” Holifield said. “One thing I always stress is giving back — that’s the ultimate lesson I hope they take away.”

For teens, it’s time to take money lessons up a notch. Setting up a joint bank account can help them manage allowance, track spending, and prepare for bigger financial responsibilities.

All you need: picture identification, Social Security numbers, personal information such as an address and phone number, and an initial deposit.

Daniel Island dad Greg Miller said this approach has been helpful. “We’ve talked with our teen about budgeting and the dangers of overspending. Sharing a bank account has made it easier for her to practice managing money before she’s on her own.”

Teaching kids about money is a lifelong process. Starting early — with chores, savings challenges, and open conversations around money — can equip them with the tools they need to thrive as adults.

As national financial expert Ramsey says, “More is caught than taught.” Model good habits and hopefully watch your kids follow in your footsteps.