How do I teach my child to manage money and understand basic financial concepts?

Start with an allowance (tied to chores or not — both approaches have research support) and help them divide it into spending, saving, and giving categories. Use clear jars so they can see money grow. By age 7–8, introduce the concept of earning, budgeting, and comparison shopping. Let them make purchasing decisions and experience the natural consequences of spending impulsively. By age 10–12, help them open a savings account, understand interest, and set savings goals. Use real-life situations: grocery shopping, planning a family outing budget, or comparing prices online. Avoid bailing them out when they overspend — the lesson sticks better at $5 than at $5,000 later. Consult your pediatrician if financial stress is affecting your child's well-being.