Your child wants a new video game, a pair of sneakers, or something their friends already have. You want to help them make smart choices, but every conversation about spending seems to end with “Can I please have it?”
Sound familiar?
Teaching kids about money doesn't have to be complicated. At ages 10–12, children can start practicing how to budget, save for goals, and think before spending.
The good news? You don't need a finance degree, an expensive course, or even real money to begin.
Here are six practical money activities you can try together at home.
Want a ready-to-use set of activities? Explore Raise Money-Smart Kids, a 44-page printable money workbook for ages 10–12.
Why Teach Kids About Money at Ages 10–12?
Children start developing spending preferences long before they have their own bank accounts.
They notice what their friends buy, encounter in-game purchases, and begin understanding that money can be used for different things.
This makes ages 10–12 a useful time to practice three important financial skills:
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Budgeting: Deciding how to use a limited amount of money.
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Saving: Putting money aside for something important later.
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Smart spending: Considering the cost and what other choices a purchase might affect.
You don't need to give your child a real allowance to teach these skills. Pretend budgets let them experiment without financial consequences.
The goal isn't to make them save every dollar. It's to help them understand their choices.
1. The $12 Money Challenge: Teach Your Child to Budget
Skill: Budgeting and planning
Time: About 15–20 minutes
Give your child a pretend budget of $12.
Ask them to divide the money into three categories:
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Enjoy Now: Something they would like to buy today.
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My Goal: Something bigger they want to save for.
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Keep Available: Money they haven't committed yet.
Here's one possible plan:
| Category | Amount |
|---|---|
| Enjoy Now | $5 |
| My Goal | $4 |
| Keep Available | $3 |
| Total | $12 |
Then ask:
“Why did you choose those amounts?”
Your child might decide to spend more now. They might choose to save more instead.
Neither answer is automatically wrong.
The important lesson is that choosing one thing leaves less money available for something else.
Make it more interesting: Tell your child that a friend has invited them to a craft activity costing $5.
Would they change their budget, use the money they planned to spend, or keep their original plan?
Ask them to explain their decision.
Want the printable version of this activity?
The Raise Money-Smart Kids workbook includes a complete guided budgeting mission with fill-in activities, different spending choices, and questions you can discuss together.
Explore the Printable Money Activities in MoneyQuest
2. The Video Game Challenge: What Does It Really Cost?
Skill: Understanding digital purchases
Many children play games that use virtual coins, tokens, or points.
These currencies can make it harder to recognize how much real money an item costs.
Try this pretend game shop:
| Token package | Real price |
|---|---|
| 500 tokens | $5 |
| 1,100 tokens | $10 |
Your child wants a game item that costs 700 tokens.
Ask these questions:
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Can they buy the item with one $5 package?
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What is the least amount they need to spend?
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How much real money would they have left from a $12 budget?
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Is the item worth that amount to them?
In this example, they would need to spend $10 to buy enough tokens.
That leaves just $2 from their original $12.
You can then ask:
“If you also wanted to save $6 for the weekend, would this purchase still fit your plan?”
Parent tip: Avoid immediately calling the purchase a waste of money. Let your child explain what they like about it, then help them see what they would give up.
3. The “Everyone Has It” Challenge: Handle Peer Pressure
Skill: Thinking before spending
Imagine your child tells you:
“Everyone at school has this. I need one too!”
Before agreeing or refusing, ask:
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What do you like about it?
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Would you still want it if none of your friends had it?
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How often do you think you'll use it?
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What would you have to give up to buy it?
You can also suggest waiting until tomorrow before deciding.
Sometimes your child will still want the item. That's okay.
The purpose isn't to discourage every purchase. It's to help children recognize the difference between wanting something for themselves and wanting it because others have it.