How to make your children money-savvy - from setting their allowance to creating savings accounts, learning about your household budget and using pre-paid cards.

1. 10 WAYS TO TEACH
YOUR KIDS FINANCIAL
LITERACY
How to make your children money-savvy

2. #1 START EARLY
 It’s never too early to teach a child some money skills.
 Talk to them about what things cost.
 Teach them how to save a portion of their pocket money.
 Help them understand the value of money.

3. #2 TAKE THEM TO THE BANK
 Show children how a bank account works.
 Open a juvenile/ child savings account for each of your children.
 Start early so they learn that this is the key to successful money management.

4. #3 GIVE THEM AN ALLOWANCE
 Decide a monthly allowance - and then let them manage it.
 Don’t top it up if they run out!
 Let them see money is finite, and they must control spending urges.

5. #4 DON’T BE NEGATIVE ABOUT MONEY
 Don’t talk about money or wealth negatively – it will give your offspring unhealthy
perceptions.
 Let your child respect rather than fear money.

6. #5 GET THEM EARNING
 Ensure your kids do chores around the house for cash.
 Encourage them to have a part-time job.
 Understanding that hard graft = real money will teach appreciation.

7. #6 EXPLAIN HOUSEHOLD BILLS
 Take teenagers through your utility bills and annual costs like insurances.
 Help them understand the cost of filling the bath or leaving lights on.
 Make them energy-conscious around the home (a double win!)

8. #7 ENCOURAGE THEM TO SAVE
 Get kids to set aside a percentage of their pocket money from the outset.
 Encourage your child to save for big purchases.
 These savings skills will last a lifetime.

9. #8 STAY ON TOP OF YOUR OWN FINANCES
 Set a good example - track, budget and manage your own financial affairs.
 Let children see you doing your budgeting.
 Walk them through different types of weekly, monthly and annual outlays.

10. #9 ALLOW THEM TO GET IT WRONG
 You WANT your child to run into money issues before they become adults!
 You can advise where they’ve gone wrong and how to put it right.
 A minor mishap now lessens the risk of a big mistake later on...

11. #10 BUY A PRE-PAID CARD
 A pre-paid card is like a credit card, but limits how much can be spent.
 Some of your teen’s allowance could go on the card – it’s safer than cash.
 It’s a cautious way to introduce them to credit cards.

12. SOUQALMAL.10 WAYS TO TEACH
COM
2,800+ YOUR PRODUCTS/ KIDS FINANCIAL 3 COUNTRIES
LITERACY
1. Start early
2. Take them to the bank
3. Give them an allowance
4. Don’t be negative about $$$
5. Get them earning
6. Show them your bills
7. Encourage them to save
8. Stay on top of your own finances
9. Allow them to get it wrong
10. Buy a prepaid card

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