As a mom, I am incredibly proud of teaching my son financial literacy.
As Chief Engineer of the Hot Mess Express in my 20s, I overcame debt and a near total lack of financial literacy to build enough wealth so hubby and I may be able to retire when we’re both 55.
In today’s fast-paced world, financial literacy is a crucial life skill that can make a significant difference in the long-term succes of your children.
My Hot Take: As a parent, if your responsibility to teach your kids the basics of money management, saving, and maybe even investing.
Are you Chief Engineer of your own Hot Mess Express? You gotta put your own oxygen mask on before saving your kids, Brutus!
That said, let’s talk about why this matters—and how to actually do it.
It’s not one big moment. It’s years of small steps.
Why Teach Your Kids about Money?
Financial Independence
Financial literacy empowers your children to manage their money effectively and become self-sufficient.
Avoid Financial Pitfalls
You can help them avoid credit card debt, overspending, and scams before they ever fall into them.
Long-Term Financial Success
Teaching kids how to save, invest, and manage money helps them build a secure financial future (and maybe not need money from you . . . ahem).
Life Skills
Understanding money improves decision-making, problem-solving, and critical thinking.
Here’s What I Did:Here’s What I Did
Start Small
When my son was younger (around age 10–12), I gave him a weekly allowance so he could have “his own” money.
Since his major expenses were already covered, he used it for things like getting food with friends or school events.
We talked about how he spent it, what he valued, and I could see he was handling it responsibly.
Increase It Over Time
As he proved he could handle smaller amounts, I increased his allowance in middle and high school.
By the time he was ready to drive, he had already shown for a few years that he could manage money well.
Their First Car Should Be a Beater
My son turned 16 during the pandemic, when used car inventory was practically nonexistent.
We weren’t planning to get him a car, but we were driving him to football practice almost every day… and we were tired.
A neighbor offered us his mother’s 2003 Chrysler PT Cruiser. It had just under 100,000 miles and still ran well.
It even had a “Nanny PT” license plate. We considered keeping it.
This was truly a dream car—it even had a CD player.
Could we have afforded a new car? Yes.
Did we want to? Absolutely not. A very used car that had some humble pie built into it because it wasn’t new was perfecto.
He needed something to get from point A to point B. That was it.
They Should Get a Part-Time Job
Earning money hits differently than being given money.
My son worked landscaping—coming home every day covered in enough dirt to start a farm—and later worked at a golf course.
He learned:
- accountability
- responsibility
- how hard it is to earn money
Make Them an Authorized User on Your Credit Card
Around this time, I added him as an authorized user on my credit card.
He had to ask before using it—those were the rules.
This helped him build a credit score over 750 by the time he finished high school.
Yes, it required trust—but he proved he could handle it.
By college, we opened a credit card in his own name (through USAA), and he now uses it responsibly and pays it off monthly.
His credit score is now near 800.
Involve Them in Big Financial Decisions
We included him in the process when we bought our last two homes.
We walked through:
- budgeting
- priorities
- mortgage structure (principal, interest, escrow)
He also saw something important: even well-planned financial decisions can be stressful.
Help Them Open a Roth IRA at 18
I think he opened a Roth IRA on his 18th birthday.
He contributes some of the money we give him for college expenses, and if there’s a remaining balance in his 529, it can be rolled into his Roth IRA.
That early start? That’s powerful.
Let Them Manage Larger Sums
Now that he’s in college, I still handle tuition, but I send him his room and board money each semester to manage himself.
That was a big leap—but he had earned that trust.
And it’s working.
Final Thoughts
I know this won’t look exactly the same for every child or situation.
But the key is this:
👉 Start small
👉 Build trust
👉 Increase responsibility over time
I’m incredibly proud that my son is financially confident at 20.
Because at 20?
I was still very much figuring it out.
If you take nothing else from this:
- Start early
- Talk about money openly
- Let your kids practice with real decisions
🐝 That’s the buzz for today – now go forth and make good financial decisions!