Sarah Nicholson
2 minute read
3 Oct 2019
3:22 pm

How to teach your kids to be smart with money

Sarah Nicholson

One of the most valuable gifts you can pass on to your children is teaching them to handle money wisely.

This helps establish sound values and gives them a sense of confidence and control around a sensitive subject. Decide between needs and wants An early lesson is helping kids differentiate between what they’d like to have and what they really need. Rather than say you’re not buying them something “because we can’t afford it”, explain that you’re choosing to spend your hard-earned cash in another way. For example, “I’m saving money so we can go and visit granny and grandpa in the school holidays”. Understand the value of money Using coins, notes and calculators in games is a good way...