Teaching Your Kids About Money
Tips to help teach your kids about financial independence
Teaching your Kids about Money
Here are some handy tips to help your children develop their financial literacy and independence:
Tips for Financial Independence
- At the ATM - explain where the money's from and how you've earned it; it's not just a hole in the wall where money comes out.
- Pocket money – Pocket money can help kids better understand the value of money
- At the supermarket - Ask your kids to help you prepare a list, research prices and how you can save money if you shop around
- Research purchases - Work with your children to research online or shop around to find the best price for an item they want
- Set goals - Help your kids to set a goal and track their savings through a chart (for example, they could colour in coins on a chart to show their progress). For older children and teenagers set up a bank account and help track saving and spending. ASIC's MoneySmart Budget Planner is a great tool
- Plan an event - Involve your children in planning and budgeting for special occasions such as outings or birthdays. If you are going on an outing work through all the costs including transport and food as well as any admission prices
- Shop safe online - Make sure your kids are safe when online shopping and know how to spot an online scam. If it sounds too good to be true, it probably is
- Needs vs wants - Help your kids avoid spontaneous purchases and set goals to think about whether they want an item before parting with their money. Discuss the difference between needs and wants and encourage your children to think about this before spending
- Check mobile use - When your child receives their first mobile phone, discuss options for phone plans and checking and managing data usage to control costs
Our Kool Kids Club account is specifically designed for our friends aged 12 and under. The account is fee free and your kids will receive a birthday and Christmas card each year from our Kool Kids Club mascots Kool and Kylie.
To find out more please pop into your local branch or give us a call on 1300 360 744.