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Teaching Kids Money Skills for life: Fun Ways for Kids to Start Learning about Money

15 April 2024

In a world where money seems to magically disappear from wallets and purses, teaching kids the value of money is like giving them a superpower. Here are some nice ways to start teaching your little ones about money and money management.

  1. Bring Them Shopping: Money doesn't grow on trees, next time you're at the shop, let your kids see you pay for things with cash or a card. Explain how you worked hard to earn that money and why you're spending it on groceries, toys, or whatever you're buying. It'll help them connect the dots between using money in exchange for items.
  2. Teaching independence: Giving kids simple tasks around the house to complete can be a helpful way to teach them about responsibility and earning money. By rewarding kid’s small amounts for completing tasks it gives them a taste of how money can be earned. It doesn't have to be much, just enough for them to practice budgeting and saving. Encourage them to set aside some of their allowance for things they want, like toys or treats, and save the rest for bigger goals.
  3. The Savings Adventure: Help your kids set savings goals and watch their money grow. Whether they're saving up for a new video game or a trip away, having a goal will give them a reason to squirrel away their money instead of spending it all at once.
  4. Needs vs. Wants: Teach your kids the difference between needs and wants in a way they'll understand. For example, they need food to eat, but they want that new toy. By helping them prioritise their spending, you'll start to instil in them the importance of making smart choices.
  5. Money Math Made Easy: Sneak some math into your money lessons by playing games like "store cashier" or "money math bingo." Not only will your kids sharpen their math skills, but they'll also learn practical money skills they can use in real life.
With An Post Money Mate kids learn to manage, earn, save and spend money safely while parents can stay in control and track their spending. Kids can put money aside with Jars for different goals and parents can pay directly into their accounts when they complete chores. Kids can also lodge cash in their local Post Office!

By teaching your kids about money in a fun and approachable way, you'll give them the tools they need to be able to manage their money.