The $1 Burrito That Changed How I Teach my Kids About Money
A few years ago, on Halloween night, my family found ourselves in line at Chipotle, ready to take advantage of their $1 burrito promotion. It was the perfect pre-trick-or-treating meal…cheap, easy, and a no-brainer, or so I thought.
As we stood there, my son, Jack, suddenly announced, "I'll be right back." Curious, I asked where he was going.
“I don’t feel like a burrito,” he said. “I’m going to Panera to get a salad.”
Now, I’m all for healthy eating, but my reaction had nothing to do with nutrition and everything to do with cost.
"A salad at Panera will cost you $10," I reminded him, expecting him to reconsider. But he confidently assured me that he had the money.
Jack had been managing his own budget for a while at this point. Each month, I gave him money to spend as he saw fit—within some basic guidelines—because I wanted him to learn how to make financial decisions. But as I watched him walk away to spend ten times the cost of a perfectly good burrito, I realized something:
Jack thought he had “plenty” of money simply because it was October 31st, and he still had funds left in his budget. Never mind that the next day was November 1st and a new month would bring new financial decisions. He was living entirely in the moment.
That was my lightbulb moment.
Why Small Financial Lessons Matter
I let Jack buy the salad. It was his money, and he needed to learn from the experience. But that moment reshaped how I taught him about financial responsibility.
Giving kids control over their own money, even when they make what we see as “bad” choices, is one of the most effective ways to prepare them for adulthood. The consequences are small now, but the lessons will stick when they’re managing bigger financial decisions later.
This experience taught me a few things about teaching kids money skills:
They need real-world experience. Telling kids to be responsible with money isn’t enough. They have to feel the impact of their decisions to truly understand budgeting, saving, and spending.
Short-term thinking is natural. Kids (and, let’s be honest, many adults) focus on what they want right now. Teaching them to think beyond today and consider how their choices affect their future is a skill that takes time to develop.
Mistakes are part of the learning process. If kids don’t make small financial missteps when they’re young, they may struggle with much bigger money problems as adults.
How I Adjusted My Approach
After that Halloween, I made a few changes to the way I taught Jack about money:
Expanding Financial Responsibility – I increased the number of things Jack was responsible for budgeting, including entertainment, clothes, and, later, car insurance. This helped him think beyond just a single month and start planning for the future.
Teaching Long-Term Financial Planning – I wanted Jack to see how financial decisions accumulate over time, so I created a class to help him (and eventually many others) understand the cost of adulthood. The class walks students through real-life financial choices, helping them experience the reality of budgeting for things like rent, car payments, and savings goals.
The Bigger Picture
Looking back, I’m grateful for that $1 burrito moment. It reminded me that financial literacy isn’t about telling kids what to do, it’s about giving them the space to figure it out for themselves. The earlier they start learning these lessons, the better prepared they’ll be for real-world financial decisions.
So, if you want to help your child develop smart money habits:
Give them real money to manage. Even small amounts can teach big lessons.
Let them make mistakes. The stakes are low now, and the experience will serve them well in the future.
Encourage reflection. Ask them to think about whether their choices align with their bigger goals.
Money lessons don’t have to be complicated. Sometimes, all it takes is a $1 burrito.
