Terms & Conditions

Raising money-smart kids in a cashless world: 10 fun tips for parents

Bella Heim

Bella Heim

Bella is a mummy of three, writer, and photographer. She's not afraid to admit that she relies on a little red wine to keep the chaos of motherhood at bay. When she's not dodging toys and dirty diapers, you'll find her documenting the wild and wonderful ride of parenthood, and adding a splash of inspiration, creativity, and a healthy dose of mum humour along the way.
Created on Oct 30, 2023 · 6 mins read
Hero Banner

Remember when grandma used to slip us a shiny two-dollar coin, and we’d squirrel it away under our pillows for that sweet, sweet bag of chocolate?

Yeah, good times.

But now? With cash on the endangered species list, our little ones are growing up in a world where digital transactions rule the roost.

Just the other day, I made a joke about not having enough money for a dress, and my daughter asked me where my “magic card” was. She seriously thought that credit cards could conjure up anything we wanted and ATMs were magical money-spewing machines (if only, am I right?).

This digital world sure is a hoot, but it can make it tough for our kiddos to grasp the value of money and how to handle it. And as modern parents, we’ve really got a gazillion skills to teach, but once our little ones start sprouting up, it’s impoatant to teach them about money, how it works, and how to manage it.

Teaching our digital natives about money in a cashless world can actually be fun, and not something as difficult as teaching algebra. And teaching about what money means is more important now than ever. With so much financial stuff happening online, we need to make sure our kids know the value of money, how to manage it, and be prepared to know how to steer clear of scams and fraud.

Why teach our kids about money, you ask?

For starters, it’s a life skill that’ll set them up for success in the future, helping them ace personal and professional life, dodge debt and financial potholes, and make smart money moves. Plus, learning about money teaches them essential values like responsibility, accountability, and empathy.

When we involve our kids in money decisions and encourage saving, budgeting, and giving to charity, we’re helping them become well-rounded humans.

Ready to dive into teaching your kids about money in a cashless world? Check out these fun tips and tricks to get started!


Tip #1: Let’s Talk About Money, Baby!

Start with a casual convo about money. Ask your kids what they think it is and what it’s for. Then explain that money is a tool we use to buy stuff we want or need. Use real-life examples like groceries or toys. And play games like “store” or “bank” to help them practice using money in a fun way. Don’t go too overboard and be too complicated. Stick with the basics first because kids just aren’t going to understand the big picture yet.

Tip #2: Technology is Your Friend

In a cashless world, tech can be our BFF for teaching kids about money. There are loads of apps and online tools that can help. For example, some apps let you set up allowances and track spending. Others teach financial literacy through games. Let your kids explore these apps and games, and watch as they learn about money without even knowing it!

But don’t forget to guide them through the process and explain concepts that they don’t understand yet.

Tip #3: Goal Setting and Rewards

Help your kids set financial goals like saving for a new toy or a family trip. Create a plan to reach those goals and offer rewards for milestones, like matching their savings or treating them to a fun activity.

This helps develop good money habits and teaches the value of delayed gratification. And it feels really good to work hard for something that you really want! We also tend to value things more when we put our sweat and tears into getting it, right?

Tip #4: Use Analogies

Analogies are great for making complex financial concepts simple. Compare saving money to filling up a piggy bank or investing to planting a money tree. These analogies help kids understand the importance of saving and investing for the future.

Tip #5: Encourage Entrepreneurial Spirit

Even in a cashless world, there are opportunities for kids to earn money. Encourage them to start a small business (no, not opening a restaurant yet), like a lemonade stand or a car wash.

This helps them understand the value of hard work and teaches them about profit, expenses, and managing money. Plus, it is really fun. Kids really learn most by actually getting into action.

Tip #6: Teach by Example

Kids learn by example, so walk the walk when it comes to money management.

If you want your kids to be financially responsible, you need to be financially responsible yourself. Show them how you budget, save, and invest your money, and involve them in your own financial decisions.

It’s important for them to see the real-life application of the concepts you’re teaching them.

Tip #7: Play Money Games

Who said learning about money has to be a snooze-fest? There are tons of fun money games you can play with your kids, like “The Game of Life,” “Monopoly,” or “Cashflow for Kids.” These games teach important financial concepts in a super engaging way.

Tip #8: Use Real-Life Scenarios

One of the best ways to teach your kids about money is to use real-life scenarios. Take them grocery shopping and let them help you compare prices and make decisions.

Involve them in planning family vacations or outings and let them help you budget for those activities. By involving them in real-life situations, they can see how it is used every day and learn important financial concepts.

Tip #9: Make Saving Fun

Saving money can sound a little unmotivating and boring, but it doesn’t have to be! Make saving fun by setting up a savings jar or a savings goal chart. Let your kids decorate the jar or chart and set goals for how much money they want to save.

Offer incentives, like matching their savings or treating them to a fun activity when they reach their goal.

By making saving fun, your kids will be more motivated to develop good money habits.

Tip #10: Teach about Charity and Giving Back

Lastly, it’s important to our kids about charity and giving back. Encourage them to donate a portion of their allowance or savings to a cause they care about.

This helps them develop empathy and compassion, and understand the importance of giving back to their community.

You can also volunteer as a family or participate in charity events to teach your kids about the value of generosity. Afterall, we want them to be empathetic and compassionate human beings, right?

And it surely feels good to do something meaningful together.


As we reminisce about the days when grandma’s shiny two-dollar coins brought us joy, we should also learn to embrace the digital age our little ones are growing up in.

The value of money and its responsible management are essential life lessons.

By engaging our children in conversations, using technology, setting goals, and nurturing their entrepreneurial spirit, we can make learning about it both fun and meaningful.

Let us celebrate the evolution of the financial landscape, while passing on cherished lessons to our children. After all, it’s not only about teaching them the value of a dollar (or a digital coin), but also about guiding them toward becoming compassionate, responsible, and financially independant adults who can navigate life’s complexities with ease and grace.


Related Articles
How to nail digital age parenting and keep your tweens safe online
Family budget planning & money management tips
When should I introduce chores and pocket money?

Follow us on
Loved this article?
Share with a friend

Hey parents!


Get paid to review the latest brands and products