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Use These 6 Concepts To Teach Your Kids About The Importance Of Money

Set them up for a lifetime of good financial habits.

05/12/2016 11:26 AM AEDT | Updated 05/12/2016 1:33 PM AEDT
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Can we borrow some?

A Dollarmite account was a rite of passage for any Australian kid but beyond that, how much did you learn about the importance of money when you were a child?

Educating kids about finances from an early age can set them up for a lifetime of healthy habits.

When they are three, and up until about the age of six, place importance on 'saving'. Explain that not spending all pocket money immediately and opting to save instead will mean they can buy something bigger, better and more important down the track. Make it visual by using different envelopes and ask them to draw a picture of thier long-term goal. Make it fun.

From there, and when they are a little older, shift the focus to 'earning'. Explain that money doesn't grow on trees (a heartbreaking truth) and let them know that money has to be earned though hard work. Do so by rewarding them for completed chores and create an earnings jar so they can see their hard work build up visually.

For more concepts as your kids mature, check out the below infographic.

EuroNetCash

Infographic from Euro Net Cash

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