Money skills for kids: saving, rewards, chores and allowance
How to teach kids to save, use rewards that don't backfire, make chores work and decide whether allowance should be earned.
Last updated 1 October 2026
Children learn about money the same way they learn about anything else: by having a little to manage and seeing what happens. A small sum, a clear goal and the freedom to choose teach more than any lecture.
This is also what Bip's coins and piggy bank are built around: coins are earned, they wait in a piggy bank, and keeping them for a week earns a small bonus. Here is how to bring the same ideas to your own home.
Start with saving
How to teach kids to save money (the piggy bank method) explains the simplest approach: one place for money, one goal, and a visible reward for waiting.
Rewards that work
Rewards can motivate or backfire. Reward systems for kids that don't backfire covers what to reward, when, and how to avoid turning everything into a deal.
Chores
A chart on the fridge is the classic tool because it makes expectations visible. See chore charts that actually work.
Allowance
Should allowance be a reward or a regular payment? Should kids earn their allowance? walks through both approaches and when each fits.
Connecting money and screen time
Time is the currency many children care about most. Letting them earn game time and choose when to spend it teaches the same lessons about saving and choosing. Read earn screen time: a reward system that works.
Money skills: all guides
How to teach kids to save money (the piggy bank method)
A simple way to teach children to save: a visible place for money, a clear goal and a small reward for waiting.
2 min readReward systems for kids that don't backfire
How to build a reward system that motivates without bribing: what to reward, how to choose rewards and how to avoid common traps.
2 min readChore charts that actually work (free printable)
How to make a chore chart your kids will use: age-appropriate jobs, a simple layout, rewards and how to keep it going past week two.
2 min readShould kids earn their allowance?
Three common approaches to children's allowance: regular, earned and mixed. How each works and how to choose for your family.
2 min read
Quick answers
At what age can kids start learning about money?
From about 4 or 5, when they can count and understand that things cost something. Piggy banks, simple goals and a small amount to choose how to spend are enough at the start.
Should kids be paid for chores?
Families differ. Many separate everyday jobs everyone does as part of the family from extra jobs that can earn a reward. Whatever you choose, be consistent and explain it.