Teaching your kids good money habits
Showing your kids basic financial skills such as how to budget, spend and save will help them establish good money habits for life. Here’s a few ways you can help your kids understand where money comes from and how it is earned.
Pocket money is a great way for kids to learn about earning money and help them understand the value of saving, budgeting and spending.
Earning money from small jobs around the home like helping you wash the car or clean the dishes, can help form your child’s spending habits and teach them about money decisions – like spending their money now or save it up for something bigger.
And once they save for whatever they want, they’ll understand the rewarding feeling of reaching their financial goals.
Your child’s first account
While pocket money is a great way to help kids top up their piggy banks, you might also want to think about setting up an account for your child.
Our Money Minder Account is a great way to teach your child the importance of saving money for the future. Our Money Minder Account has no transaction or ongoing account keeping fees and comes with its own passbook so your kids can watch their savings grow when they make regular deposits. And they’ll even receive a fun card and gift until their 12th birthday!
Money Conversations you can have with your kids
Teaching money skills to your children is essential for their personal development, and helps them be able to address financial challenges they may be faced with in the future. It can be as easy as having simple conversations when performing everyday activities, such as teaching the importance of shopping around for the best price, saving for a rainy day, how they can access their money using ATMs and EFTPOS, prioritising key expenses such as bills and food before spending on luxuries.
For more tips and advice on talking to your kids about money visit www.moneysmart.gov.au