Between my partner and me,we have four children aged five to 13.
Yep,that’s a load of opinions. And aptitudes. And,as you can imagine,money smarts is one I’m particularly keen on … but not so muchthem.
The trick to teaching kids how to be money smart is to show,rather than tell,them what to do.Aresna Villanueva
I hear,all the time,all over the place:“Stop treating this as a learning opportunity,Mummy.”
It’s true – I make the (money) most of most situations.
And,because I talk a lot to my children about their “future self”,as a way to show them that theywill end up getting a bigger “pay day” if they delay getting what they want today,they complain:“I don’t like Future Calvin … he deprives me of the stuff I want right now.”
What’s the problem?
With Macquarie Bank announcing it will stop dispensing cash in January – it has just three physical branches in Australia and is ending its money-dispensing deal with NAB – there is a lot of conversation about the end of cash. There are even suggestions Australia could become “functionally cashless” by 2025.
Indeed,the number of ATM withdrawals has dropped from 78 million in December 2008 to 30 million in June 2023,according to the ABS.
It’s a scary situation for rural and/or disadvantaged communities,the elderly and the very young.
The thing is,with cash,it’s far easier to teach your mini-me’s to maximise their money.
What you can do about it
Here are the techniques my kids don’t know I use – OK,let’s be honest and call them tricks – to shownottell them how to manage money well,whether it be physical or virtual.
Following on from that …
And on that note…
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. Individuals should always seek their own professional advice that takes into account personal circumstances before making any financial decisions.