Save from a Young Age
Start teaching your children about money today - it’s never too early to build good savings habits.
The best way for children to learn good financial habits is by watching you, their parents. Your day-to-day approach to money will leave a lasting impression. By teaching your children how to budget and save up for the things they want, you're setting them up for a lifetime of financial confidence and independence.
When Should You Start Teaching Children About Money?
The earlier, the better.
Understanding how to manage and grow money is a vital life skill. But today’s increasingly cashless world - filled with mobile payments, credit cards, and online transactions - makes money feel abstract to young children. That’s why you should help them see how money works in practical, everyday situations.
Think about it: their first encounter with the concept of money might be in the sweets aisle at the supermarket, where you explain why you’re not buying that extra treat. That moment could be their very first “money lesson.”
Teach Through Everyday Shopping
Get older children involved in weekly shopping. Tell them what the budget is and ask them to help you find the best value. Let them compare prices and quantities.
Ask questions like:
Is it better value to buy 6 eggs or 30 eggs?
Why does buying in bulk cost less per item?
This builds price awareness and critical thinking.
Top Tip: Make Money Tangible
To reduce the “invisible” nature of digital payments:
Occasionally, pay with cash and let your child count the money.
Let them hand over cash for a parking ticket or help you calculate a tip at a restaurant.
Remind them: even when using a phone or card, real money is being spent.
Use Stories to Teach Financial Lessons
Money storybooks are a fun and age-appropriate way to introduce children to financial concepts.
Here are some great titles with relatable lessons:
You can also find local or African-themed storybooks that cover saving, sharing, and goal-setting.
Teach Budgeting Through Pocket Money
Giving your child a weekly or monthly allowance is a great way to introduce budgeting.
Decide:
Will they earn it through chores, or is it given regularly?
What should they be responsible for buying - snacks, toys, airtime?
Encourage saving for big-ticket items to teach delayed gratification - an essential skill in a world of mobile loans and easy credit.
As they grow older, guide them to distinguish luxuries vs. essentials, track prices, and spot good deals.
Open a Savings Account
The classic piggy bank still works, but if your child is a little older (and has a mobile phone), introduce them to a savigs platform.
This platform can help them:
Track savings goals
Understand how money grows over time
Monitor spending habits
Set and achieve financial targets
Earn rewards for building good financial behaviour
Consider opening a junior savings account.
More Useful Tips:
Swap the piggy bank for a clear jar so they can visually see their savings grow.
Use two jars: one for short-term and one for long-term goals. Add photos or drawings to motivate them.
When they get money for birthdays, teach them to save a portion before spending.
Offer a “matching” incentive—for example, match KES 10 for every KES 10 they save. This introduces the concept of compound growth.
Find fun, age-appropriate money-themed mobile games or apps that build saving and spending skills. The key lesson?
Saving teaches patience and planning - skills many adults still struggle with. Teaching your child early can help them avoid the cycle of debt and impulse buying later in life.
