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January 30, 2020

47 Comments

From Apple Pay to Tap and Go, technology is enabling Aussies to conveniently pay for items without their wallet or physical cash. However, a cashless society is leading to kids thinking that our little plastic cards hold an endless amount of money (if only!).

In a world where cash is becoming a rarity, it is important to teach children about the value of each dollar.

Here are our top five tips for teaching your kids the value of money in a tech-savvy world.  

1) Separate Savings and Spendings

Educating kids from an early age to save money is an important lesson that every parent should teach. Get rid of the piggy bank and instead, create three smaller, more manageable funds for your children to save money. These can be labelled as spending, saving and sharing and is a great way to demonstrate that money is used for different things in life. Kids will also begin deciding what is most important to them as when the money is in the jar, it must stay there.

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2) Recycle your household bottles

Teaching kids to recycle is an important lesson to learn and will earn them some money at the same time. TOMRA’s recycling machines will not only be a fun activity for kids, every drink bottle or can returned to the machines will also earn them 10 cents in NSW, QLD & NT. This technology will teach your kids the importance of recycling and how to save money as well as providing a fun bonding activity for parents and children. If you are a parent who loves to teach their kids about the gift of giving at Christmas, children can also choose to donate their pocket cash to Bottles for the Bush this holiday period where every 10 cents will go towards helping families doing it tough this summer.

3) Coin Collecting

Kids as young as three years of age can grasp basic concepts of spending and saving money. Coin collections don’t necessarily need to be rare either, even the most basic of collections can provide your child with a hobby that teaches them the value of different coins. The best part of coin collecting is that it is a super fun way to get kids involved in money without having to spend a tonne of it!

4) Play games with your kids

Teaching kids about the value of money is important, but you also need to teach them how to count it. Kids of a younger age can start with basic snakes and ladders and they will be able to count to 100 in no time. For older kids, Monopoly and Monopoly Junior are fantastic games that will have them counting money and learning to use it strategically.

5) Doing household jobs

Doing household chores and jobs is almost a rite of passage for kids growing up and teaches them the most valuable lesson of all, where money really comes from. Setting small chores each week for your kids with monetary value is one of the ways kids are first introduced into the working world. Earning pocket money will show children how to work and get paid accordingly for their efforts while allowing them to save for things that they really want.

How do you teach your kids about the value of money? Tell us in the comments below.

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  • 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.

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  • 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.

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

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

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

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

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  • Great idea!! Great idea!

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  • 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.

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  • Wish I had done some of this when I was younger

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

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  • 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.

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  • 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.

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  • 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.

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  • 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!

    Reply

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