The Next Generation – Pocket Money Prudence
Posted on March 4th, 2010
It’s never too early for your children/grandchildren to learn about the value of money (and that it doesn’t grow on trees or materialise out of a hole in the wall). The pressure on parents to provide iPods, mobile phones and the latest computer gaming technology is increasing, so taking the opportunity to talk to our kids about planning budgets and managing their finances has never been as vital as what it is today.
FIDO has provided the following tips to help kids learn about managing money:
- Encourage kids to think about what they WANT and what they NEED and encourage them to identify their savings goals
- Remind them to set aside a certain amount of their pocket money each week to work towards their goal
- Help them to control impulse buying by reminding them about their list of goals
- Encourage them to put loose change into a savings jar or money box (see www.kidsmoney.com.au for wonderful educational money box ideas)
For more ideas on talking to your kids about the value of money, visit www.fido.asic.gov.au and search “kids” in the search box.
Source: Australian Securities and Investments Commission – FIDO www.fido.asic.gov.au