It’s more important than ever for everyone to learn the benefit of healthy finances. So, it’s never too early to start teaching your children how to give themselves a bright financial future!
To help you get started we have five tips on where we think you should start:
Teach them finances young!
Children are never too young to start learning about money. By introducing them to financial concepts early it will give them a better understanding as they grow up about money. You can even ask your school about a Rise High Rookie presentation to take the financial learning into the classroom!
A good place to start is explaining where money comes from; not the automatic teller machine, but from working hard.
Needs vs. Wants
It’s important to teach children from an early age the difference between needs and wants and encourage them to think about this before spending.
Give them an allowance
Giving your child an allowance in exchange for completing chores around the house is a great way to help them better understand the value of money.
Teach them to budget
Budgeting is one of the best skills a child can learn which they can continue to use throughout their lives. Help them to develop a simple visual budget that shows them what they are saving for and how long it will take them to reach their goal.
Set a good financial example
Children are like sponges! They learn from our behaviour so it’s important to set a good example. By demonstrating good financial choices to our children, such as saving and budgeting and by getting them involved in financial decisions the more they will learn.
However you decide to teach your children about the fundamentals of finance, remember, they will learn through experience. So it’s important to give them the experiences to learn from.
