A 5-year-old and a 15-year-old need different money goals. Here's a quick map.
Ages 5–7
- Recognize coins and bills
- Save for one small toy
- Understand money is earned, not free
Ages 8–11
- Track an allowance over a month
- Save half of any gift money
- Compare prices before buying
Ages 12–15
- Set a 3-month savings goal
- Earn money outside the home (small jobs)
- Open a real savings account