No matter how old or how young a person is, money management is something everyone has to do. That doesn’t mean that everyone is in the same stage of money management; a child is not investing, nor is a senior still saving for major purchases, but they are all managing money. That being said, knowing which stage of life each person is in and being able to identify the skills needed to prosper is important.


It is never too early to begin learning about money management. Although children don’t have to worry about paying bills, balancing checkbooks, or even investing in their futures, they can learn some financial basics. Basic money management lessons for kids include learning how to save and spend. Children can start out by earning an allowance that is then divided up into two amounts: money that goes into their piggy banks and money they can spend. Then, when it is time to go shopping, teach them smart shopping skills such as looking for deals and coupon-clipping. Instilling good saving and spending behaviors now will set the foundation for building on their money management skills later.


The teenage years are a crucial time for parents to teach their children life skills, including managing money. Statistics prove that children who were taught proper money management, including how to save, end up in a much better financial position than those who didn’t learn those skills at this young age. Teens need to learn about banking, saving, spending, budgeting, credit cards, and even investing. Don’t assume they will learn it all on their own: Teach them money management now and you give them the tools they will need for a successful future.

Young Adults

So many changes take place during the young adult years: Moving out of parents’ homes, starting careers, and becoming ultimately responsible for everything in life are just a few of those changes. During this time, it is imperative to learn proper money management skills. Now is the time to begin paying off student loans, saving for and making major purchases, and preparing for the future. None of these tasks can be accomplished without knowing how to budget, save, buy, and invest.


Although everyone should begin saving for retirement at an early age, it becomes a priority during the adult years. Once major purchases such as homes and cars are made and college is paid off, the focus needs to turn to saving for the future. The adult years are when financial planning is crucial and investing must be mastered. Learn how to monitor market trends and grow funds. Don’t waste these years thinking there is plenty of time to save; now is the time to prepare for the future.


The senior years of life are the years that most people dream of enjoying. Seniors get to delight in things like retiring, traveling, and hobbies. However, none of that is possible without proper money management. Not only do seniors need to have spent their earlier years saving and preparing, but they now need to learn how to manage their remaining funds. Money management at this point in life includes investing and budgeting. By learning proper senior financial management, those dreams of retiring, traveling, and enjoying life will come true.

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