Being money smart is an important life skill. You can introduce your kids to concepts of money and saving from a young age to shape their relationship with money. And would you believe us when we say you can even make money fun for kids!
Read along to find out our best tips:
Pocket money for chores
To teach children the value of money, you can reward their completion of chores with a small allowance or pocket money. Encouraging kids to help out around the house with the reward of money teaches the basic framework of the workforce, where skills and labour are repaid with money.
We recommend starting with something as small as $2 a week for basic chores such as;
feeding the dog, making your bed, taking garbage out or watering the plants can build the foundation of great working habits!
Use a piggy bank
Does anyone else remember having a piggy bank to collect savings? They are a great, fun way to introduce children to saving. By setting the goal to fill up the piggy bank, your child has something to look forward to and also a great new room decoration!
Teach the difference between saving, spending and sharing
When your child receives money - whether that be from pocket money, gifts, Christmas presents and so on, we recommend you encourage them to split the money equally into saving and spending.
Use the piggy bank to save and give the children the freedom to spend the money where they desire. Therefore, from a young age you instill the habit of saving a portion of money/wage that your child receives!