You may have noticed Flexischools has launched new FLX to help kids learn to earn, save and spend. FLX is available exclusively to Flexischools parents like you and is accessible in your app today.
Today we look at the top 7 tips to help your child learn about money.
Not long ago, kids had moneyboxes, shopkeepers accepted cash and parents had spare change in their pockets. These days, it seems parents are short of change and many stores don’t even accept cash. So it may feel like now is a hard time to educate your child about money. However, it remains important for you to teach them essential financial skills. Sit down with them and take the time to educate your child about earning, saving and spending. The skills they pick up will be with them for life.
When you were a child your parent reminded you of the importance of saving each week, no matter how small the amount. This helped you establish a savings habit early. Nothing has changed. It is still great advice for you to pass on. These days many parents find themselves struggling to find small change and like to give their children a regular allowance directly into a bank account or savings app. This allows your child to practice receiving money and making a conscious decision to save some of it.
Sit down with your child and talk about what savings are for: things they really want but take patience to reach. Help them set a realistic goal so they will not be discouraged. Then help them bring it to life. An old trick is to print out a picture of what they are saving for and stick it on the fridge. The idea is to make sure your child focuses on what they are saving for so when the inevitable temptation to make an impulse purchase arrives, they will think twice.
Don’t be too tough on your child if they have a moment of weakness with their savings habit. Remember, it took you a while to learn restraint too.
Break down their savings goals into achievable steps. You may want to use a savings app or a chart to help them visualise their progress. Celebrate each milestone as they reach it to reinforce the good savings behaviour.
Household chores are a great way for your child to learn the value of money. Sit down together and discuss what needs to be done and what each chore is worth to you and your child. Remember to pay your child as closely as possible to the completion of the chore as this is the way to reinforce the value of their own work.
Help your child appreciate the difference between planned and impulsive spending. Talk to them about how quick spending decisions ofen feel good in the moment but don’t last. This is the beginning of their discovery of financial discipline and delayed gratification. It is not an easy skill to learn for any of us, but is one that you will instil in your child for their lifetime.
Hopefully you find these tips helpful. If you’d like to learn more about the new FLX® Prepaid Mastercard® and Savings App for Kids, click here for all the details.
This is general advice. Read the PDSs & TMDs at www.flexischools.com.au/legal before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.