Written for caregivers of foster youth, this guide helps foster kids prepare for the future by helping them understand how to use money wisely. It encourages money management through specific chapter topics — currency, banks, paychecks, living expenses, credit cards, shopping, saving and giving — and includes age-appropriate conversations, field trip ideas, topic tips, activities and sign-off worksheets. This is a companion guide to the MoneyPals: Being Cool with Cash program for kids ages 8-11 and I Know Where I’m Going (But Will My Cash Keep Up) for 12–15 year olds.
Money Management Skills help foster kids gain confidence and direction for adult living
Findings & Stats
Help for Hope
Foster kids who age out of the system need all the help they can get to make it in the adult world.
Foster kids are at greater risk of dropping out of school, depending on welfare and ending up homeless.
Early Impressions Stick
Money is an emotionally charged issue reflecting our related experiences as children.
Foster youth easily confuse ‘self worth’ with ‘net worth’ relying on material things to fill emotional gaps.
Statements & Quotations
Teaching foster youth about money may not be the solution to every challenge they face, but it can help with some of them. Certainly, learning about money can help foster youth develop their potential and get on track to building a brighter future.
One part of preparing foster youth for the future is to encourage them to have specific, concrete goals and dreams and to help them understand how using money wisely can help them reach their goals.
The sooner foster youth begin learning basic money management skills, the more likely it is that they will be able to make positive choices about money when they leave foster care and strike out on their own.