Teach your child the value of saving and spending wisely. Follow these tips and tricks and help them learn about the value of money.
Jamie Lee, founder of Kids at SWiTCH, provides some expert advice to help your children develop an appreciation for financial literacy, money and budgeting in the early stages of childhood so they can move towards a brighter future.
What’s more, from very early they will also learn that ‘money doesn’t grow on trees!’
1) Expose children to money and encourage responsible spending and accountability by providing your child with an allowance each week
2) Diarise a time in the calendar each week to take your child grocery shopping where you can compare prices of products on the shelf and give them the empowerment to pay for the groceries and collect change.
3) Define each visit to the story as a ‘looking day’ or a buying day.’ This will prevent children from having tantrums when they see something they want to take home and make a trip to the shops a pleasurable experience
4) From early years of childhood, positively introduce the word ‘Savings’ into weekly conversations so that children will recognise this as a positive buzz word and not one to be feared
5) As your children get older, stress the importance of savings for long-term goals. Introduce them to savings bonds, let them open a savings account, teach them how to keep track of how much they have
For more information, visit kidsatswitch.com.au