One unexpected benefit of using Beancount: it’s become a tool for teaching my kids about money. Here’s how we’ve evolved our approach over the years.
The Physical to Digital Journey
We started with the classic three jars system when the kids were 4-5:
- Spending jar (clear, so they can see it)
- Saving jar (piggy bank)
- Giving jar (for charity)
When they turned 7, I started tracking these in Beancount alongside my own finances. The jars became “accounts”:
Assets:Kids:Emma:Spending
Assets:Kids:Emma:Saving
Assets:Kids:Emma:Giving
Making It Visual with Fava
Kids don’t care about numbers in a text file. But they DO care about:
- Bar charts going UP
- Progress toward a goal
- Comparisons (“I have more saved than last month!”)
Fava’s charts are perfect. I created a simple Fava dashboard bookmark that shows:
- Current balance in each “jar”
- A line graph of their savings over time
- A progress bar toward their current savings goal
The Spend/Save/Give Ratios
We started with a simple 50/30/20 split:
- 50% Spending (immediate use)
- 30% Saving (for bigger goals)
- 20% Giving (charity of their choice)
As they got older, we let them adjust within guardrails:
- Minimum 10% to Giving
- Minimum 20% to Saving
- Rest to Spending
My 10-year-old currently runs 40/40/20 because she’s saving for a big purchase.
Tracking a Savings Goal
When my daughter wanted a $150 LEGO set, we created a mini-project:
; Her goal tracking
2025-06-01 * "Goal: LEGO Architecture Set"
Assets:Kids:Emma:Goals:LegoSet 0.00 USD
; Target: 150.00 USD
2025-06-07 * "Weekly transfer to LEGO goal"
Assets:Kids:Emma:Saving -5.00 USD
Assets:Kids:Emma:Goals:LegoSet 5.00 USD
Every week, she’d ask: “How much do I have? How much more do I need?”
Fava’s balance view became her progress tracker. When she hit $150, we went to the store together. She paid with her own money (that we withdrew for her). The pride on her face was worth a thousand financial literacy lessons.
Age-Appropriate Concepts
Ages 5-7: “Money comes in, money goes out”
- Show them the jars filling and emptying
- Use physical coins/bills alongside digital tracking
- Keep it super simple - one balance number
Ages 8-10: “Savings grow over time”
- Introduce the concept of saving toward goals
- Show line graphs of their savings increasing
- Start conversations about trade-offs (“Buy this now or save for that later?”)
Ages 11-13: “Money has to come from somewhere”
- Explain the basics of double-entry (kid-friendly version)
- “When you spend, your spending jar goes down. The money went to the store.”
- Let them see the actual Beancount transactions (if interested)
Ages 14+: “Your own ledger”
- Some kids might want their own Beancount file
- Teach them to categorize their spending
- Connect allowance to responsibilities (optional, depends on your philosophy)
What Worked, What Didn’t
Worked:
- Visual progress toward goals
- Regular (weekly) check-ins that were SHORT
- Celebrating milestones (“You hit $100 saved!”)
- Letting them make spending “mistakes” with their own money
Didn’t work:
- Lecturing about compound interest at age 7
- Showing them the actual .beancount file (too abstract)
- Forcing weekly reviews (now it’s when they ask)
- Tracking every single penny of their money (too detailed)
Current Setup
My kids (8 and 10) each have:
- Three “jar” accounts I maintain
- A Fava bookmark on my phone they can access
- A monthly “money meeting” (5 minutes max)
- Freedom to spend their Spending balance without asking
They’ve learned more about money management from seeing their accounts than from any book or lecture.
Anyone else using Beancount as a teaching tool? I’d love to hear other approaches!