Read e-book Your Kids Money: How to Earn it, Save it and Set Them up for Life

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Contents

  1. Here are three concepts that your kids should know before age 10:
  2. 10 Tips to Teach Your Child to Save Money
  3. 10 Tips to Teach Your Child to Save Money

This not only saves you time on shopping , it empowers kids to do the math and be shrewd. Kids, like all humans in civilization, will come to a point when they need money. This could be for sports activities , a field trip or buying their friend a gift. Giving them an allowance is totally fine, but enable them to earn it. This again strengthens the understanding around how income works. Nicola pays her eight-year-old daughter for doing chores outside her normal daily tasks for instance, she does not get paid for cleaning her room or helping care for her younger brother, which are non-negotiable.

And that's a problem, she has to contribute to the household like everybody else. Kevin Klug, co-owner of Secure Retirement Solutions, suggests giving allowance after a set of weekly chores have been completed. Allowance should be issued with the understanding that some of this money can be on fun stuff, but some of it also has to go towards covering needs. This lesson can intensify as kids get older. Is it school lunches?

Here are three concepts that your kids should know before age 10:

Computer games? Extracurricular activities? If your child is meeting their saving goals, consider throwing in a bit more cash the next week.

Many parents can relate to this scenario: your kid had money, but they spent it all at the toy store. What do you do? Keep in mind that there are plenty of less painful teachable moments when it comes to lessons about money. Young children are constantly observing — and absorbing — our behavior. You have the opportunity as their parent to lead by example and set them up to win with their money.


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10 Tips to Teach Your Child to Save Money

Text Neck Worried about your kids hunching over their phones? It might also make them think twice about leaving lights and appliances on. Involving your kids in discussions about your family budget helps give them the big picture about costs and spending. By explaining how much money your family has to spend every week and how this money is spent, your kids will better understand the costs of family life and how much can be saved for other things.

Budget planner. Pocket money can help children better understand the value of money from a young age. The types of jobs that earn pocket money and how much you pay will depend on what suits your family's situation.


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You could decide that different jobs help earn pocket money while others don't. Family jobs that you might not pay your children for could be things like setting the table for dinner, making their bed, washing up and tidying their room. Paid jobs could be tasks that a parent would otherwise have to do, like sorting washing, mowing the lawn or vacuuming the floors.

Pocket money could be paid to encourage a good work ethic. If you set certain chores for your kids and the chores are not completed, you could choose to not pay pocket money for those jobs or pay them less. This will reinforce the idea that you only get paid in full when you complete the job properly.

Piggy banks are a fun way for children to start learning about money and to encourage saving. They are a good option for younger children as a savings starting point and are a more tactile experience than putting money into a bank account. A bank account for your child can give them a starting point for the ideas of saving and interest from a young age. Talking to other parents can help you get ideas on pocket money to suit your family.

You can find out what jobs they pay their kids for, how much they are paying and how often they pay their kids. Here are some things you may want to do with your children to help develop their financial independence before they start work:. Savings goals calculator. Kids are learning about money in school. This can be happening in a lot of ways, whether through school fundraising activities, as part of a kitchen garden project or using the school canteen.

Schools and teachers are ideally placed to help young Australians develop the knowledge, skills, attitudes and behaviours needed to meet the challenges of the twenty-first century. ASIC's MoneySmart Teaching program builds the consumer and financial literacy capabilities of young Australians and helps educators, families and the community teach young people about money.

10 Tips to Teach Your Child to Save Money

Take a look at some schools who have successfully integrated consumer and financial literacy programs in their school curriculum. MoneySmart Teaching have a great range of digital activities your kids can use to learn about money. Needs and wants. Party time. Helping out. Pay the price. Teaching kids about money is an important skill.