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Teaching kids money management

It’s never too early to teach children the basics of financial literacy, that I agree with. Especially today when they think in comes out of a “whole in the wall”. Did you have the privilege of being taught how to handle money when you were little? Either way, you would now probably appreciate the value of learning this stuff as soon is appropriate…

Whilst I would alter a few of them however (eg: the title I would prefer to read …TO GET KIDS FINANCIALLY LITERATE; and with #10, I really like the 3 money box principle whereby whatever money is earnt, 10% goes in one as saving for the dream, 10% goes into another for donation purposes and the rest goes in number 3 for spending purposes…)if we can get our kids doing half of these, it will be a step in the right direction.

The Commonwealth Bank has some detailed suggestions on where to start, and the list looks like this…
TOP TEN PRACTICAL TIPS TO GET KIDS SAVING

1. Talk about money with your child
2. Give your child an allowance
3. Give your child the opportunity to earn money
4. Teach your child not to impulse purchase
5. Help the environment and your child at the same time
6. Teach your child to plan and calculate costs of buying things
7. Take your child grocery shopping
8. Involve your child in your own savings goals
9. Encourage your child to think long term
10. Set up a savings account for your child

Go forth and help educate your folk… coz if you don’t, goodness knows who else will!!

Related posts:

  1. Managing money and safe-sex practices for Girl Guides
  2. Making the Most of Your Time: Going Beyond To-Do Lists
  3. The Bootstrapper’s Bible – Seth Godin

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