top of page

Tips For Raising Money Savvy Kids

Writer: All In AdvisoryAll In Advisory

Updated: Mar 7, 2022

As a mum of three and with 25 years in the accounting and finance game it is clear to me that children need help with money to become financially independent, successful and savvy.


So how do we raise them to succeed?


1. Be a positive money role model and teach them early to think with their head not their heart.

2. Start them young with regular pocket money, it helps familiarise them with the concept of money.

3. Cash is on the way out, so build skill with debit cards

4. Start on simple budgeting and build their skills so they learn not to spend more than they have!

5. As they get older introduce the 20/50/30 rule. A. 20% for savings. B. 50% for needs (the necessities). C. 30% for wants (discretionary).


Finally, don’t molly-coddle their finances. Give them guidance but don’t control it, as it’s their responsibility!


Kommentare


All-In_SpeechBubble_RGB_Teal.png

Looks like someone’s looking for an excuse to procrastinate their accounts.

 

Since you’re down here… can you relate?

The Fine Print

So here's the disclaimer ... the material contained on this website is general commentary only, it is not advice and is not intended to replace consultation with a qualified professional so don't rely on it without first obtaining specific professional advice.  ​Whilst every reasonable effort is made to provide information that is accurate we give no assurance or warranty that information on this site is current, and take no responsibility for matters arising from changed circumstances or other information or material which may affect the accuracy of information. The content contained in this website is subject to change at any time without notice.  All In Advisory, it's employees and agents accept no responsibility to any person who acts or relies in any way on any of the material without first obtaining specific professional advice.

©2018 by All In Advisory Pty Ltd.

Liability limited by a scheme approved under Professional Standards Legislation.

award sliding banner (9).png
AIA_Email-Footer-Logo.gif
bottom of page