The value of ‘things’ has never been more invisible and not just to those of us who shop online, but to our kids who see us using plastic cards to pay for everything... From groceries and petrol, to coffee and cake and everything in between. That’s why teaching kids about money and its value is so important. There a few simple ways you can do this while going about your everyday life:
- Set your kids up with a savings account and show them the growing balance. Get them excited about the money they are putting away.
- Give your children pocket money so they can manage their own finances. This is the easiest way to help them to understand the value of things.
- Explain to them what money is and put a value on it. For example, if your child asks for a new scooter, reframe your phrasing to give it a value they can understand - like the scooter they want will cost 20 weeks’ worth of pocket money. You could use this to explain value and also show them what delayed gratification really means! #Adulting
- Maybe they can earn extra pocket money by helping out with some specific chores around the house? $20 for cleaning the car (inside and out) or $10 for running the vacuum around the house. What a great way to help them understand about earning money while helping out around home - and it's never too early to start a side hustle.
- Talk to your kids about the difference between needs and wants. They might really really want the Holiday Barbie, but maybe there's something else that they need more. Teaching kids not to spend on impulse is a super valuable lesson to learn early on.
So there you have it, a few simple tips to start your kids learning about good money habits. Remember starting early will help set your kids up for sensible spending later in life.
The small, small print: Please note this information does not take into account your personal circumstances and is general advice only. Before opening any Bank of us account, please read the Account & Access Facility Conditions of Use and our Schedule of Fees and Charges and decide if the account is right for you. Interest rates are subject to change without notice and should be verified with your local Bank of us branch.