Teaching your kids good money habits

09/06/2017   Pauline Grech, Receptionist

“Mum! Why are you being so tight?”

“You’ll see. One day…”

That was the conversation we’d have with my mum growing up. She was right – one day, I would see. One day - when I had my own kids - I’d see the value of teaching children restraint and being smart with money.

My parents instilled in me the value of saving; of putting money aside for a rainy day. When my siblings and I were younger, we’d work at our family’s pizza shop and we’d get pocket money for our efforts. My mum would make sure some of that money was put aside for us, so we’d have savings.

It’s something that’s stuck with me and has influenced the conversations I have with my kids about money. I think it’s important to instil good values and saving skills into your children early on, to set them up to hopefully make better spending decisions when they’re adults.

When we go shopping with the kids, I help them think about the difference between needs and wants. I help them set goals and teach them to save up for something special, rather than just spending money for the sake of it. Not everything needs to be an instant fix, and setting goals helps my kids work out if they really want an item before they buy it (not just because it’s there). Helping them be critical about what they’re buying helps them avoid spontaneous purchases that they may later regret.

As they get older, the lessons evolve. When my daughter started high school this year, we started to teach her the value of protecting her monetary assets. We bought a yearly pass for her myki, to give her freedom of travel – but we made sure she registered her card online so that if she were ever to lose her it, she’d be able to halt transactions on it and order a replacement. It gives her the security of knowing that money is protected and to always think ahead.

They’re little things – but I think they’re working. Recently my kids approached me to ask if they could open up their own bank accounts to save the money they receive for birthdays, Christmas and other special occasions. It makes me happy to see them wanting to save and taking everyday lessons to heart.

Saving is such a great skill to have.

Want to learn more about helping your kids establish good money habits while they're young (or how to help them when they're older)? Send us a message to gain access to our recent webinar.

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