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 can get super confusing.
Spriggy is a prepaid debit 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 tiny tribe set up savings goals, allocate money to their card and follow their transactions in the app. Young ones 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 kids navigate the world of cash. And yep, with an online gaming-obsessed nine year old, and curious 3 year old, this is a world I’m involved in every day.
Here are three mini money challenges I’m throwing down to help you pass on good financial habits to your kids.
3 Money Challenges to Help Kids Learn About Money
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, get them to start a dream board on Pinterest where they can save photos of the things that inspire and make them happy. It could be pictures of guinea pigs, or quirky toys. Like they say: “visualising is the first step in making your dreams come true.”
3. Use new language about money
Fess up, have you caught yourself saying: “I don’t have any money”. “Beggars can’t be choosers”. “Money doesn’t grow on trees”. 🙋🏻 The truth is, these kinds of 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 you parents pass on positive or negative lessons
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