Easy ways to teach your kids to manage money

School holidays are the perfect time to relax, enjoy family activities, and, yes, talk about money! While your kids are off from school, it’s a golden opportunity to teach them valuable financial skills that will set them up for life. 

Here’s how you can make these lessons fun and engaging!

• Turn everyday activities into learning experiences

Whether you’re grocery shopping, planning a family trip, or even just paying bills, involve your kids in the process. Explain how you budget for different expenses and show them how to compare prices. You could even give them a small budget for a family outing and let them plan it. This hands-on approach makes learning about money practical and relatable.

• Set up a ‘holiday job’ for extra pocket money

School holidays are a great time for kids to learn the value of earning money. Create a list of extra chores around the house that they can do for extra pocket money. It could be anything from washing the car to gardening. This not only helps them understand the concept of working for money but also creates a sense of responsibility.

• Open a bank account

If your kids don’t have a bank account yet, the school holidays are a perfect time to open one. Take them to the bank and explain how accounts work. Many banks in Australia offer special accounts for kids that come with great features to help them learn about saving. You can even set up a savings challenge to make it exciting.

• Teach kids the importance of saving

Discuss the importance of saving money and setting financial goals. You can start a savings jar for something they really want, like a new toy or a trip to the zoo. Show them how small savings add up over time and the satisfaction of achieving their goal.

• Be a good role model

Kids learn a lot by watching their parents. Demonstrate good financial habits like budgeting, saving, and making thoughtful spending decisions. Talk openly about money matters in an age-appropriate way. Your positive attitude towards money management is sure to leave an impression on your kids.

By incorporating money lessons into your everyday activities and making the learning process enjoyable, you’ll equip them with knowledge that will benefit them for life. So, take this opportunity to make money talk these school holidays.