Financial educators Ebony Beckford and Sharita Humphrey share practical strategies to help parents introduce money management to children—starting as young as two years old.
Talking about money isn’t always easy—especially for parents who didn’t grow up with open conversations about budgeting, saving, or financial planning. But according to financial experts Ebony Beckford and Sharita Humphrey, that’s exactly why it’s so important to start early with the next generation.
“We have to teach [kids] to be their own financial safety net,” said Beckford, the founder of Fin Lit Kids, an organization dedicated to providing financial literacy tools for children aged 3 to 7. “Statistically, most families don’t even have $500 saved for an emergency.”
For families of all income levels, Beckford and Humphrey believe it’s never too early to begin normalizing money talk in the household. Humphrey, a financial consultant and award-winning advocate, said she started teaching her son about money when he was just two years old.
“It was simple,” she recalled. “When I took a dollar from him, he understood he spent it. When he tucked it away in his wallet, he was saving. It’s about helping them recognize that their choices have consequences—and that things they want often come with a cost.”
Both women agree that between ages three and seven is a crucial developmental window for shaping children’s money habits. Beckford noted that by age three, most children start to understand that money has value, and by seven, their foundational spending behaviors are already taking shape.
That’s why Beckford created resources to support financial conversations at home. Her children’s book, Madison’s First Budget, introduces the idea that money should be approached with intention. The book includes open-ended questions that help parents create natural dialogue around budgeting. Fin Lit Kids also offers flashcards, money-matching games, YouTube songs, and a soon-to-be-released bingo game that helps families build a shared financial vocabulary in a fun way.
Humphrey suggests another hands-on strategy: include children in the budgeting process. She recommends helping them build their own simple budget, then setting a recurring “payday”—just like the real world—so they can learn how to plan and track their spending. Chores tied to allowance can reinforce these lessons, she added, especially in households where money may not have always been accessible.
“In many Black households, when we start earning more, we want to give our kids everything we didn’t have,” Humphrey said. “But giving without limits can be crippling. If they never learn how to stand on their own financially, what happens when you’re not there to help?”
Even for parents who are still building their own financial literacy, both women stress that modeling honest, intentional conversations about money can be transformative.
“Be the financial trailblazer in your family,” Humphrey said. “Even if you’re learning as you go, those difficult conversations are necessary.”
Whether it starts with a piggy bank or a weekly allowance, the goal is to raise kids who view money not as a mystery or a burden—but as a tool they can confidently manage for life.
Originally published by The Afro on April 14, 2025