Ben Affleck recently gave us a masterclass in teaching kids about money—without even trying.
When his 13-year-old son, Samuel, spotted a $6,000 pair of Dior Air Jordan 1s at a sneaker convention, Affleck didn’t whip out his credit card. Instead, he joked, “That’s a lot of lawns you gotta mow there,” as overheard in a clip posted from the event. A simple, lighthearted moment? Sure. But also a valuable lesson in financial literacy.
As parents, we want to give our kids the world—but that doesn’t mean handing them everything on a silver platter. Teaching kids the value of a dollar, budgeting, and the work ethic that goes into earning money is one of the greatest gifts we can give them. Here’s how to do it in a way that sticks.
1. Start early & make it visual
Kids absorb money habits from a young age, which is why modeling financial literacy early is key. Instead of abstract lessons, make money tangible. TikTok mom @makenzie.athome created an age-appropriate banking system using envelopes labeled “checking,” “savings,” and “bills,” where her kids even “pay” $1 monthly for food and housing. This hands-on approach helps kids grasp financial responsibility in a way that feels real.
Jennifer Seitz, Director of Education at Greenlight, advises parents to encourage kids to categorize spending and create a plan for how they choose to spend and save. “A dollar saved now is a dollar ready for future enjoyment,” she explains.
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2. Give them opportunities to earn (and work for their wants)
Affleck’s off-the-cuff comment about mowing lawns hits on an important lesson: money must be earned. Whether it’s completing chores, helping a neighbor, or even starting a small business, kids should experience the effort that goes into making money.
Encouraging entrepreneurship can make this lesson even more engaging. If a child loves animals, they can pet-sit. If they enjoy baking, they can sell cookies. Helping kids turn their passions into earnings not only makes financial literacy fun but also builds confidence.
3. Teach needs vs. wants
A $6,000 sneaker splurge is a great example of distinguishing wants from needs. Jennifer Seitz reminds parents that “Money isn’t unlimited, so they’ll need to make spending choices and think carefully about how to get the most value from their money now and in the future.”
The best way to teach this? Make it a habit. Before buying something, ask your child: “Is this something you need, or something you really want?” and “Is it worth spending money on now, or should you save up for something even better?” Teaching kids to pause before making impulse purchases helps them develop mindful spending habits that will last a lifetime.
4. Implement the save, spend, give rule
A simple but powerful way to teach budgeting is by using the “Save, Spend, Give” model:
- Save: Put a portion away for future goals.
- Spend: Use some for small joys and wants.
- Give: Donate a portion to charity or help someone in need.
This method used by financial experts and parents makes budgeting second nature for kids. The goal is to help them understand that every dollar has a purpose—and that balancing spending with saving is key to long-term financial well-being.
5. Encourage delayed gratification & savings goals
Kids are bombarded with marketing messages that encourage instant gratification, but learning to wait and save is an invaluable skill. Research from the University of Michigan found that children as young as five already exhibit distinct emotional reactions to saving and spending—meaning it’s never too early to reinforce good habits.
Instead of buying something immediately, encourage your child to set a savings goal. “To combat the craze of feeding into the latest trends, help your child understand that spending in one category will mean less spending in another category,” says Jennifer Seitz. Reviewing past purchases and reflecting on whether they were truly worth it helps kids learn from their own financial decisions.
Related: The 8 key money milestones to mark with your kids, according to an expert
6. Be open about family budgets (AKA loud budgeting)
Gone are the days of keeping money talk behind closed doors. The loud budgeting movement encourages families to be transparent about financial priorities. Instead of saying “We can’t afford it,” try saying “We’re choosing not to spend on this right now because we have other financial priorities.”
Modeling this honesty for kids not only normalizes budgeting but also helps them develop financial confidence. Seitz encourages parents to share real-life financial choices, from saving for a vacation to prioritizing groceries over impulse buys. “Both wants and needs have a place in a budget, and balance is the key,” she explains.
7. Let kids make (small) money mistakes
It can be tempting to steer kids away from poor financial choices, but sometimes the best lessons come from experience. If they insist on spending all their savings on a fleeting trend, let them. When the buyer’s remorse sets in, have a conversation about what they learned and how they might choose differently next time.
This approach builds real-world financial decision-making skills in a low-risk environment, setting them up for future financial independence.
The bottom line
Ben Affleck’s quick-witted response to his son was more than just a joke—it was a mini financial lesson in the making. The best way to teach kids about money? Make it real, make it relevant, and let them feel the rewards (and consequences) of their decisions.
Because one day, they’ll be making big financial choices on their own—and the best gift we can give them is the confidence and wisdom to do it well.
