The value of money has never felt more invisible.
For many of us, spending no longer means handing over notes and coins. It’s a quick tap of a card or a phone—whether we’re buying groceries, filling up the car, or grabbing a coffee. And for our kids, who are growing up watching this, money can feel even more abstract.
That’s why helping children understand the value of money is so important. The good news? A few simple habits woven into everyday life can get you started.
Start with a savings habit
Setting up a savings account is a great first step. Show your child how their balance grows over time and celebrate their progress with them. Watching their money build—even in small amounts—can be incredibly motivating.
Give them ownership with pocket money
Regular pocket money is one of the easiest ways to teach kids how to manage money. It gives them the chance to make decisions, learn from mistakes, and understand that once it’s spent, it’s gone.
Make money feel real
Help your child understand the value of things by putting purchases into context. If they want a new scooter, you might explain that it costs the equivalent of 20 weeks of pocket money. This makes the decision more tangible—and introduces the idea of saving and waiting for something they really want.
Create opportunities to earn
Encourage your kids to earn extra money through small jobs around the house. Whether it’s washing the car, vacuuming, or helping in the garden, it reinforces the connection between effort and reward—and builds a sense of responsibility along the way.
Talk about needs vs wants
This is one of the most valuable money lessons you can teach. Help your child understand the difference between things they need and things they simply want. It’s a powerful way to build mindful spending habits and reduce impulse buying.
Lead by example
Kids notice more than we think. Talking openly about your own money decisions—like saving for something special or choosing not to buy something—helps normalise thoughtful spending.
Set simple goals together
Whether it’s saving for a toy, a game, or a day out, setting a goal gives kids something to work towards. It also helps them experience the satisfaction of achieving something through patience and planning.
Teaching kids about money doesn’t have to be complicated. Small, everyday moments can make a big difference.
Start early, keep it simple, and stay consistent. You’ll be helping set your kids up for a lifetime of confident, sensible money habits.
Good luck!
This information does not take into account your personal circumstances and is general advice only. Before opening any Bank of us account, please read all the disclosure documents which are available at any of our Retail stores, by calling 1300 306 716 or from our website www.bankofus.com.au.
