Tips and Lessons

Tips for parents

  • Of course we all worry about our kids. But luckily you can take the worry out of deciding what to teach your kids about money, and how. Here are some handy tips to help you out.

  • Tip 1 - It's never too early.

    Teaching your kids about money from as young as pre-school could get them off to a great start in developing healthy savings habits. They'll carry these habits with them into adulthood so it makes sense to start now.

  • Tip 2 - Children's attitude to money can come from their parents.

    Kids often observe and adopt our behaviour. So it's important to be aware that the way we save, spend and think about money, can form the basis for their own money management habits.

  • Tip 3 - Instill good money habits.

    Opening a BankSA savings account for your child is a great way to get them on the way to good money habits. You'll be introducing them to the world of banking and saving, and establishing important skills for life.

  • Tip 4 - Practical ways to teach your child.

    Use these questions to establish some practical ways to help you teach your child. How should my child receive money? Pocket money? Or linked to jobs around the house? What age should we start? How much should we give? How will we manage requests to buy things based on influences from friends and advertising?

Simple Money Lessons

  • Here are 6 ways to help your child understand the concept of money. It's never really too early to start these lessons, they're great for children as young as pre-schoolers.

  • Lesson 1 - The Value of Money.

    Teach your child the value of money in terms of material goods. For example, at the supermarket explain that shopping costs money.

  • Lesson 2 - How Money is Earned.

    Teach your child that money is earned by being employed and having a job, and that this can involve considerable mental or physical effort.

  • Lesson 3 - Saving Money.

    Teach your child how to save their money for short-term purchase goals. Place their savings in a visible place such as a jar or money box so your child can watch their savings grow. As their savings begin to build you can encourage them to bank a portion of it whilst the rest can be spent on their goal.

  • Lesson 4 - Spending Money.

    Teach your child the most important lesson about money - once it has been spent, it is gone for good.

  • Lesson 5 - Borrowing Money.

    Teach your child that when money is borrowed, it must be paid back. For example, toys that your child borrows from a friend must always be returned.

  • Lesson 6 - Investing Money.

    Teach your child the concept of using money to create money. For example, putting money into a savings account can help your child earn interest on the amount deposited.