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STEPS TO HELP YOUR KIDS VALUE MONEY

STEPS TO HELP YOUR KIDS VALUE MONEY

 We’ve all experienced it or seen it firsthand. That child, whether it be yours or someone else’s, in the shopping center screaming that they want that toy or chocolate. And they want it NOW. Sure this can often be attributed to the general toddler tantrum. However, as kids grow and mature, the necessity for the value of money needs to kick in.

 

Teaching your children the value of money is one of life’s great lessons. The value of money and of working hard is a lesson that is best taught as early as your children can grasp the concept.

 

When is that you ask? As soon as your child is able to communicate their desire for material things. They can learn about the value of money. Teaching your kids the value of money instills a sense of workmanship and that working hard has positive outcomes. Those positive outcomes of self-fulfillment and self-worth are accompanied by monetary gain. Monetary gain needs to be recognised and managed.

 

 1-5 YEARS: STICKERS / PIGGY BANKS / REWARD CHARTS

When young, the smallest things can be likened to money – stickers, transformers, stamps….

Whatever the fad of the moment is. Teach your child that hard work and good behavior can be rewarded with the receipt of favoured items. Displaying their earning capacity via a reward chart is a great way for them to recognise their efforts.

 

5 YEARS AND ABOVE: SCHOOL BANK ACCOUNTS

Most schools have school banking programs and the Commonwealth Bank exceeds exceptionally in this area with their Kids Youth Saver Accounts. They make saving fun with reward incentives and prizes for weekly deposits and minimal drawings and minimal or no fees. Starting banking accounts young gives kids a sense of ownership and pride that can never be started too early.

 

Taking these steps in the early years will develop a positive appreciation for the value of money, the effort needed to acquire it and the satisfaction that comes from the purchase of goods from money well-earned.

 

The Teen Years

Finally when they hit their teen years and have their own funds, jobs and bank cards its easy to loose track of their savings. That’s why the team here at HA Accounting back platforms like acorns. The platform monitors there savings and spending. You can get your child to use an electronic piggy bank putting cents in every dollar their purchasing on their card rounding up to the nearest dollar. You can also put in a set amount each week.

This can be a great way to get your teens to save for university, their first car or even their first home. This also will teach your kids about technology and financial markets early. Tim value of money is incredibly important. Lastly remember every dollar counts and with technology the way it is could be used to save for their long term goals today.

 

 


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