When my kids were little Layby was a great way to teach them how much things cost. Sadly now a days you pay extra to layby something so its not as great an idea.

it’s certainly a conversation that needs to be had. We have pocket money for jobs at home, but also a reward chart for unpaid chores, things they should do no matter what.

These are great ideas. Sometimes the grandparents let the kids”work” for them by doing jobs and getting paid. Its a great way for them to understand the value of money.

This has been a major talking point between me and my husband this year. We have implemented the Bare Foot Investor’s advice with the three Jar approach. If anyone is interested definitely have a read of the Bare Foot Investor for Families. It’s honestly life-changing!
My kids now complete their chores and separate their pocket money into three categories – Smile(Spend), Save and Give. (charity). My kids can see where their money is and is teaching them some incredibly valuable lessons for life.

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  • • mom160270 replied
    • 30 Sep 2024 , 11:17 pm

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  That sounds like a great book.

Not being able to get everything they ask for as it costs too much.

It’s very hard to get through to my daughter she has no concept and thinks ATM’s sare majic money machines

Some great tips here. I like the idea of starting them young and making it into a game.

I give them spending money for the canteen lunch orders when they make house chores it a way of rewarding them

Great idea!! Great idea!

I’ve started teaching my kids about money at a young age and it’s made an impact in their life. Doing chorus for pocket money and recycling cans and bottles for some extra cash.

Wish I had done some of this when I was younger

Recycling bottles is so easy and a good way for money to be saved.

Anytime my kids get money from anyone it is always saved. They have never spent a cent of it. We don’t make a kids do “chores” and pay them for it. That is part of life and they need to help around the house. If they want something we will buy it so they keep & save their own money for when they actually need it. If what they want is rubbish or will just get thrown in the corner and not used then we won’t buy it.

We have always led by example and thankfully, it stuck and sunk in. My 18 year old is a good saver. So all those things I taught him when I thought he wasn’t listening, are now being demonstrated by my son. We taught him to save, to think about spending and debt, to donate, and he’s doing really well.

We do can/bottle collection. We let our son pick out his own wallet and we put the collection money straight in. He is still quite young so there isn’t alot he wants but if we are out we let him use his money and give it to the tellar.

now my girls are older and when they want higher priced items, we work out a savings goal from chore money, birthday money etc. We research the cheapest and most expensive price of the item they want and aim to save for the most expensive price and they when they have enough or close to enough we start looking for the item and try to by from the lowest priced supplier (meaning they are learning how to save and then how to shop smart to maximise their savings) – we are currently doing this with my 9 year old daughter who wants an ipad!

We showed my 4 y.o. nephew that he had to pay for things when we were in an opportunity shop looking for a particular item. He spotted a toy and asked for it. We explained to him that he had to pay money for it. I went ahead of my Mum and nephew and advised the lady at the counter that we were giving him some of the money to pay for it. She reckoned it was a wonderful idea. It taught him that it costs money to buy things in shops, that they are not free.

We play budgeting games ( give X amount of money to spend at the shop – here’s what we need) so they can practise figuring out how much they need to get whats on the list, how much they’ll have left and if there’s money left they also get to figure out how to spend it. For saving we have two money jars one for spending and one for saving that doesn’t get touched and at least 10% of spending money must be saved. Once the jar is full it gets deposited at the bank. My eldest spending habits went from willy nilly money grows on trees style to now saving most of what she gets until she finds something she wants to spend her money on or little treats for herself and younger siblings every now and then. It’s been fun to watch the transition.

My boys always got pocket money for doing jobs around the house. I opened an account for them and it was up to them if they spent the money or banked it. Thankfully they now know how to balance their finances.

I tried a number of these suggestions. Sadly, my kids didn’t fully get the finances thing til their first jobs. One ended up in so much debt (thanks to a car accident and being unable to work for a number of months, and the ease of a credit card!) that she’s still paying it off!