The Money Milestones Checklist

Thanks for subscribing. This is the standalone version of the milestone checklist from the full age-by-age money guide — bookmark or print this page so you don’t have to dig through the full article every time you want a quick gut-check on where your kid stands.

The Money Milestones Checklist

A condensed version of the full system, for a quick check on where a specific child stands at each stage. If they’re behind on one or two of these at the relevant age, that’s not a lost cause — the conversation works whenever you start it. This is a way to spot where the actual gap is, instead of vaguely worrying that “we haven’t done enough.”

By age 5

• Can articulate a basic trade-off (“if I get this, I can’t get that”)
• Has handled physical money — coins they can count and watch disappear when spent
• Understands that a piggy bank or jar holds money for later, not now

By age 10

• Has an active three-jar (Spend / Save / Give) system in regular use
• Understands the difference between a baseline chore and a paid opportunity
• Has successfully saved toward at least one self-chosen goal

By age 14

• Has hands-on experience with a checking account or equivalent
• Ideally, has actual spending authority over a defined budget category
• Can explain compound interest in both directions — growth and debt — in their own words

By age 18

• Understands how a Roth IRA works and, ideally, has started one with earned income
• Knows the rule about paying credit card balances in full every month
• Has discussed — and ideally run the actual numbers on — any student loan or auto loan they’re considering signing

For the reasoning behind each of these, the actual systems to implement them (the three-jar breakdown, allowance-versus-chores research, the family budget approach), and the FAQ that covers the situations this checklist doesn’t, see the complete age-by-age money guide.