Kids are expensive. Sure, they grow out of formula and nappies pretty quick, but as they get older their spending gets more diverse (dance lessons, soccer boots, birthday presents) and as parents the desire to both spoil them AND teach them the value of money gets really confusing.
Spriggy is a prepaid card and mobile app for 8 – 18 year olds that helps parents and young people manage money together.
Using the Spriggy app, you can help your young ones set up savings goals, allocate money to their prepaid Visa card, and follow their transactions in the app. Grommits can use their card to make purchases online or in-store, wherever Visa is accepted.
But a card is just the first step. The real challenge is for you to help your kids make sense of cents.
With a gaming-obsessed nine year old, and curious 3 year old, this something I’m doing every day. Here are 3 money challenges I’ve found helpful when it comes to passing on good financial habits to my kids.
3 Ways to Teach Kids About Cash
1. Give them a budget — let them choose and pay
It could be at the bookstore where they get to choose and pay for a birthday gift for a friend. It could be out at dinner, and they get to choose their own meal and pay for it themselves. Inviting kids to make their own choices gives them hands-on experience both the power and opportunity costs of making choices with their money.
2. Set up a dream board
Kids want a lot of stuff. (Heck, mums do too!) To help them narrow down what they really want, start a dream board on Pinterest or in real life where they can save photos of the things that inspire and make them happy. Whether it’s pictures of guinea pigs, or quirky toys or a killer drum set, =visualising is the first step towards making financial dreams come true.
3. Use new language about money
“I don’t have any money”. “Beggars can’t be choosers”. “Money doesn’t grow on trees”. Hands up if you’ve said one of these in the last 24 hours! 🙋🏻 The thing is, these cliches aren’t actually true — and the connotation that money is a scarce and scary resource can actually contribute to money blocks for kids. Instead, take a more lighthearted approach. Rather than “I don’t have any money”, set up a visit to the mall with “We’re just getting things on our list today” or “We can look and make a plan”.
Side note: for more amazing ideas on how to be a great money role model for kids, check out Denise Duffield-Thomas of LuckyBitch.com.
The truth is, your kids starting their journey with money is actually an opportunity for you to continue yours.
How did you learn about money?
Did your parents pass on any positive or negative lessons?
What have you found works for your tribe today?