This mom’s system is going viral for teaching kids financial literacy in a genius way
Growing up, many of us didn’t get a solid education about personal finance. For some, this led to struggles with saving, budgeting, and managing money as adults. But one mom on TikTok is determined to change that narrative for her kids by teaching them the value of money from an early age.
In her viral video, TikTok user @makenzie.athome shares the creative system she’s developed to teach her four and six-year-old children about finances. Instead of traditional piggy banks, Makenzie uses simple envelopes labeled “checking,” “savings,” and “bills” to simulate a banking system.
How it works: banks, bills, and chore charts
Makenzie explains that her kids each have two “bills” they must pay every month: $1 for food and $1 for housing. While the money stays in their envelopes, the exercise helps them understand the concept of financial responsibility.
To track their earnings and spending, Makenzie provides each child with a chore chart and a “bank statement” when they receive their allowance. The system is straightforward: every week, they start with $5, but for every chore they fail to complete, they lose 25 cents.
“The thought is, if you go to work, you get paid. If you don’t go to work, you don’t get paid,” she says in the video. “Therefore, if you don’t do your chores, you’re not getting paid.”
Makenzie emphasizes that the goal isn’t perfection. “She’s seven. My son is four. Like, they’re just kids, and I want them to have a healthy relationship with money because I know I don’t have a healthy relationship with money because I was never taught how to manage it.”
Related: Raising financially savvy kids: 15 money rules every parent should teach their kids
Parents love this system
The video has struck a chord with many parents, with viewers praising Makenzie’s efforts to build financial literacy in her young kids.
TikTok user @EileenMahoneyGoodw wrote, “My mother taught me how to balance and keep a check register young, and I still do it 40 years later. This isn’t taught in schools anymore and should be. Fantastic job!!”
User @Bobbie added, “People would 100% purchase this method from you!
”
Another parent, @ArtsyPOTSie, commented, “This is a fantastic set-up! Great financial literacy foundation.
”
Meanwhile, @AleMunoz_Motherhood shared her excitement, saying, “This is awesome!! Thank you for sharing. I am going to start implementing this! I have been trying to figure out how to implement chores so they actually do them.”
The science behind teaching kids financial literacy
Research backs up Makenzie’s approach. A 2018 University of Michigan study found that children as young as five already exhibit distinct emotional reactions to saving and spending, which directly influence their financial behaviors later in life. Teaching kids money management early can help set them up for long-term success.
Additionally, resources like GoHenry emphasize the importance of financial literacy for kids, noting that it builds confidence, decision-making skills, and an understanding of earning, saving, and spending.
Related: 7 essential money lessons to teach your kids
Setting kids up for success
By introducing her kids to concepts like budgeting, tracking, and responsibility through an age-appropriate lens, Makenzie is laying a foundation for financial health that will serve them throughout their lives. Her system is a reminder to parents everywhere that it’s never too early to start teaching money management—and it can even be fun.
