Help Your Child Become More Money Savvy
Know Where Money Comes From
To learn the value of money, you really need to know how you earn it. From an early age, explain where your household’s money comes from, e.g. “Mum goes to work every day and gets paid at the end of each week/month”.
I introduced pocket money that was tied in with chores, and it has made my children more aware of ‘earning’, rather than just receiving, money. They know that we have to work to get paid, and it has given them an appreciation of where money comes from – and that it can be difficult to come by!
Keep Advice Age Appropriate
Money advice should be kept age appropriate. You don’t want to scare children with talk of bills, debt and what you can’t afford when they are too young to understand. There is a balance to strike between teaching them to be good with money and overwhelming them with information or passing on fears you may have.
You can start by playing with pretend money in a play shop. They have to ‘pay’ to buy goods and, as they get older, do simple calculations when they are the shopkeeper.
As they grow, assigning chores and rewarding with pocket money, as well as getting them to save some of what they receive as gifts and to work towards buying something they really want, are all good ways to encourage your child to be money savvy.
Give Your Child Their Own Account
It is important for children to have their own account. Not only can they keep their money safe, but they can have more responsibility for their spending and saving.
An Post have recently launched their An Post Money Mate account, which is suitable for children aged 7 to 15 years. We love the features it offers, for both parents and kids, including:
- Parent and kids access via the An Post Money app
- Parent can view transactions, set spending limits for in-store, ATM and online use, and transfer funds in (but not out!)
- Contactless Mastercard debit card for in-store and online purchases
- Jobs feature where you can set tasks for your child to earn rewards
- Jars feature so your child can save money and see it building up
- Plus, freeze a card if it’s lost or stolen and use the emergency Jar feature so your child can access money instantly if they need it
T&Cs apply. The An Post Money Mate Debit Mastercard is issued by An Post. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. A monthly maintenance fee applies. An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of such services.