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Bessie Hassan | Money expert at finder.com.au<\/a><\/i><\/p>\n With the lack of education about personal finance these days, it\u2019s up to parents to teach their kids the value of a dollar. In a world where more and more transactions are taking place digitally, it becomes harder to explain money management without it being confusing or just plain boring for your kids.<\/p>\n However, <\/p>\n There While <\/p>\n Giving your kids pocket\u00a0<\/a>money<\/a>\u00a0is one of the best ways to teach them Each <\/p>\n Starting Along <\/p>\n Despite They \u2014 \u2014 \u2014<\/p>\n Talking <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/figure>\n Important Information<\/strong><\/span><\/em><\/p>\n The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n A Product Disclosure Statement for Raiz Invest and\/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.<\/em><\/p>\n The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Bessie Hassan | Money expert at finder.com.au With the lack of education about personal finance these days, it\u2019s up to parents to teach their kids the value of a dollar. In a world where more and more transactions are taking place digitally, it becomes harder to explain money management without it being confusing or just […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[68],"yst_prominent_words":[]}
\nby keeping it simple and speaking their language, you can set your little ones
\nup for greater financial security. Here are four ways you can teach your kids
\nabout good money habits.<\/p>\n1.
\nMake smart money decisions<\/h3>\n
\nare many finance-related decisions and experiences that you can share with your
\nkids to help them understand the value of money. For instance, explaining how
\nyou compare different prices at the supermarket and letting your kids find some
\nof the items on your grocery list is an easy way to get them started (and it
\ncan cut down the time you spend shopping!).<\/p>\n
\nyou\u2019re at the grocery store, let your kids hand the money to the cashier. You
\ncan also get them to count the change to make sure everything adds up.
\nHopefully, they\u2019ll feel confident enough to do this alone at the school canteen
\nas well.<\/p>\n2.\u00a0Let
\nthem earn pocket money<\/h3>\n
\nfinancial independence. Though you may not want them to slave away doing
\nhousehold chores, you also don\u2019t want them thinking that money grows on trees.<\/p>\n
\nfamily will have different strategies in regards to how much each chore is
\nworth. To keep your kids motivated to earn more pocket money,\u00a0help them set a savings goal, whether it be a dollar
\nvalue or a specific item like a new toy or gadget.<\/p>\n3.
\nTeach them about physical vs digital money<\/h3>\n
\noff by giving your kids physical money will help them understand the physical
\nworth of money. However, you do have to explain the concept of digital money
\ntoo. For instance, you could show them an Internet bill and explain how long
\nyou have to work to earn enough money to pay the bill. This helps them become
\nmore aware of their everyday actions by understanding the value of work and
\nmoney.<\/p>\n
\nthe same lines, equipping your kids with online resources will definitely help
\nthem as they grow up in the digital world. This could involve using an online
\ncalculator to help them budget for their goals or using a finance app such
\nas\u00a0Raiz<\/a>\u00a0to teach them about the power of long-term
\ninvesting and compound interest. For more information on Raiz fees, click here<\/span>.<\/a><\/p>\n4.\u00a0Show
\nthem the consequences of being financially irresponsible<\/h3>\n
\nall these different lessons, sometimes it\u2019s impossible to prevent your kids
\nfrom getting into trouble as a teen. It\u2019s important to help them out but not
\nto\u00a0pay off any of their debt\u00a0for them.<\/p>\n
\nmight have to work extra hard to pay of their debt by doing extra shifts at the
\nlocal cafe or saying \u201cno\u201d to a new video game. Showing your child that there
\nare consequences to being financially irresponsible will set them up for a
\nbetter future. It\u2019s better for your kids to learn this when they\u2019re younger
\nrather than ending up thousands of dollars in debt as a young adult.<\/p>\n
\nto your kids about money doesn\u2019t always have to be a burden. With simple
\nlessons and by allowing them to get involved with the family finances, your
\nkids will be feel more enthusiastic and prepared when managing their own money
\nboth now and well into the future.<\/p>\n
\nDon\u2019t have the Raiz App?<\/h3>\n
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